Prime Minister Yulia Tymoshenko has called for the transfer of the right to administrate income taxes of individuals to local budgets, she said at a meeting with chairmen of regional state administrations. according to Ukrainian News.

Tymoshenko said that new wording of the Budget Code envisions that 15% of the individuals' income tax will be left at local development budgets.

At the same time, she said that this tax is a local one, thus it should be left in local budgets.

As Ukrainian News earlier reported, on June 23, the parliament endorsed the new wording of the Budget Code.

The document envisions the formula-based system of transfer relations between the state and more than 12,000 local budgets.

The document also provides for introduction of new and clarification of the existing concepts and terms in the area of budgetary legislation, clarification of the functions of the distributors of state budget funds, and concretization of the provisions on operations with state and local debts.

The document also provides for clarifying the Budget Code's provisions on the particulars of implementation of the state and local budgets in case of untimely adoption of a law on the state budget.

The document also details the provisions regarding the requirements on reports on implementation of the state budget.


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