The Government for the
first time in the past six years began to reform the tax system through
significantly reduction of the tax burden on businesses. Prime Minister
Ukraine Mykola Azarov
said in the air of the First National channel, Cabinet's press office reported.
The Prime Minister stressed that the Tax code designed by the Government significantly reduces the number of both national and local taxes: "We submit to the Parliament the Tax code in which for the first time in the last six years we continue our policy of tax cuts, so, the new Tax code provides for the gradual, within 5 years, income tax and value added tax reduction by 1 % annually."
According to Azarov, this will improve
the economic situation in
Mykola Azarov added that the
new Tax code provides tax holidays
for 5 years for small business in the sphere of providing personal
the introduction of tax on luxury, particularly, high interest rate for
with an area of more than
The Prime Minister
also noted that the new Tax code submitted to the Parliament passes the
standards of the EU tax legislation.
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