The Ministry of Finance of Ukraine is developing proposals for the taxation of cannabis production in connection with the legalization of medical cannabis, as stated by the head of the parliamentary committee on finance, tax, and customs policy, Danylo Hetmantsev, in an interview with “RBC-Ukraine
He noted that cannabis could become one of the non-standard reserves for budget replenishment.
“We have recently legalized medical cannabis. Will the cultivation of hemp increase the tax base? It will. Can we talk about additional revenues for the budget in this context? We can. I’m serious,” said the deputy.
Danylo Hetmantsev believes that it is too early to discuss what the fiscal effect will be.
“But I am sure that it is wrong to tax cannabis production the same way as wheat production — at 300 UAH/ha. I think it should be more,” added the parliamentarian.
He expressed confidence that European tax conditions for cannabis cultivation should be envisaged, mentioning excise taxes or tax options based on the area as possible mechanisms.
Source: AgroPortal