Ukrainian Vice-Prime Minister for Economic Affairs Serhiy Tihipko has said that a new tax code will improve the conditions for entrepreneurship. He said this at a meeting on the drafting of a new document with the participation of representatives of the Finance Ministry, the Economy Ministry, business associations, experts from the World Bank and the German Advisory Group, UKRINFORM reported, citing the press service of the Cabinet of Ministers .

Tihipko said that the main strategic task for reforming Ukraine's tax system was to reduce a fiscal burden on the economy and raise the country's competitiveness.

The code will foresee a significant reduction in the tax burden on small and medium businesses, he said. "First of all, we should regulate the legal framework. In addition, we need to simplify tax administration, in particular, by bringing financial and tax accounting closer. Another task is to decrease the number of statistical reports for entrepreneurs. Taken together, these measures will help greatly improve the business environment in Ukraine," Tihipko said.

He also expressed confidence that the new tax code could enter into force from 2011. "We're planning to submit a draft tax code to the Verkhovna Rada of Ukraine this summer, and we also intend to submit the draft document for public discussion involving experts and entrepreneurs themselves," Tihipko said.


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