The Ministry of Defense of Ukraine has granted SkyFall the status of the first resident of the special legal regime Defence City, which has been established to stimulate the growth of the Ukrainian defense industry. SkyFall is one of the leading domestic manufacturers of drones, including the “Vampir” unmanned aerial vehicles and interceptor drones.
This is reported by Finway
New Opportunities for Defence City Participants
Obtaining the status of a Defence City resident provides companies with a significant set of advantages aimed at alleviating tax and administrative burdens. Among these are exemptions from profit tax on the condition of reinvesting profits, as well as exemptions from land, property, and environmental taxes. Additionally, customs procedures will be simplified, state support for the relocation of enterprises will be provided, and the security of production facilities will be enhanced.
“Residency in Defence City offers companies a set of tools designed to reduce tax and administrative burdens: exemptions from profit tax on the condition of reinvestment, as well as from land, property, and environmental taxes, simplified customs procedures, mechanisms for state support of relocation, and enhanced security of production facilities.”
Additional Steps to Support the Defense Sector
The Cabinet of Ministers of Ukraine has simplified the procedure for reviewing documents related to state export control for Defence City residents. This allows for the preliminary assessment of international contract projects at the stage of their preparation, which accelerates the foreign economic activities of defense enterprises.
The National Bank of Ukraine has also introduced a relaxation of several currency restrictions for Defence City residents. The changes pertain to the conditions for purchasing foreign currency for the import of goods, as well as conducting cross-border transfers for certain types of transactions, which is expected to positively impact the operational efficiency of such companies.