The new version of the Tax Code, written by Vice Prime Minister Serhiy Tihipko and the head of the State Committee for Regulatory Policy and Entrepreneurship Mykhailo Brodsky, aims to clampdown on small and medium business, says Yulia Tymoshenko.

"This Tax Code was developed by the ‘creative group’ headed by Tihipko and Brodsky. These are the creative folks, the ‘strong politicians’ and ‘new faces’ that produced this project, which is essentially a disaster for the country," Yulia Tymoshenko said today during a meeting with representatives of business circles in the Kyiv region, according to BYuT press office.

In particular, Tymoshenko stressed that taxation of personal deposits proposed by the ruling government in its draft Tax Code is unacceptable.

"If as proposed in this Tax Code they start taxing the deposits citizens hold in banks, then the entire country will have to go as far away elsewhere because the one thing the people have left is to put their money into a savings account and earn at least some interest," Yulia Tymoshenko said today while appearing as a guest on a talk show on the Inter channel.

In her opinion, by introducing a tax on personal bank deposits, the ruling government wants to transfer the burden onto ordinary citizens. "The essence of the current government is to transfer the burden from big corporations to small and medium business and ordinary citizens of Ukraine. Under the new Tax Code only large corporations will be free from taxation and gain preferences from the government," believes Yulia Tymoshenko.

According to the draft Tax Code developed by the government, a 5% tax on deposits would be introduced in 2013.

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