The Ukrainian government's draft Tax Code creates favorable conditions for attracting foreign and domestic investment, Ukrainian Prime Minister Mykola Azarov said in an interview with ICTV Channel late on Sunday, UKRINFORM reported.

"We'll exempt from profit tax for ten years all companies producing consumer goods and operating in the sphere of light industry. Or let's take small businesses. We will set tax holidays. In fact, we will create an attractive investment climate in our country, and we hope to attract, first and foremost, foreign investment and then draw domestic investment that is currently in the shadows or stored on deposits," he said. Azarov noted that according to the draft Tax Code, small businesses are all entrepreneurs whose annual turnover does not exceed UAH 3 million (UAH 7.90 / USD 1).

Azarov said that profit tax was to be reduced to 19%, while the VAT rate was to be decreased to 16% by 2014.

While commenting on certain clauses of the draft Tax Code, he said that a five-percent tax on profit from deposits would be imposed on deposits exceeding UAH 200,000, i.e. such an innovation will not apply to over 90% of Ukrainian citizens.

He said that more than 90% of citizens would not be affected by the introduction of tax on property. It will apply to the owners of apartments in cities with an area of 100 square meters and residential houses in villages with an area of over 200 square meters.

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