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Presenting the 2007 national budget bill to the Ukrainian Parliament, First Deputy Finance Minister Vadym Kopylov stated it as aimed at the nation's financial - economic stabilization, restituting the investment - innovative development model, carrying out structural reforms, raising the population's living standards, the Cabinet press office reports.
According to Kopylov, the consolidated budget's revenues have been set at 196.5 bn. UAH (1 USD=5.05 UAH), its outlays have been set at 179.4 bn. UAH. As compared with the 2006 budget, these will increase by 14 percent and 13.7 percent, respectively. Kopylov stated the 2007 national budget's innovative investment outlays at 25.7 bn. UAH. The bill sets the budget's deficit ceiling at 15.1 bn. UAH (2.55 percent of Ukraine's GDP). Also, the bill envisages easing the fiscal pressure on the economy, in particular, through reducing the tax on state-run enterprises' proceeds from 50 percent to 15 percent.
The bill provides for making amendments to Ukraine's active legislation, with a view of better administering taxes and reducing unwarranted tax franchises and privileges.