KIEV, Aug. 22 – President Viktor Yanukovych has signed law No. 5180-VI on amendments to the transitive provisions of the Tax code on the specifics of collecting the profit tax from companies providing hospitality services.

A total of 234 lawmakers supported cabinet's draft law No. 10724 registered in Parliament on July 5.

"Temporarily, for the period of 10 years starting from Jan. 1, 2011, companies providing hospitality services in three-, four- and five-star hotels, including newly built and reconstructed ones, or where overhaul was performed are not to pay profit tax [if income from the provision of accommodation services is at least 50% of total income of companies over the relevant reporting period]," reads the document.