The government has approved a draft law on amendments to the tax code regarding the operation of the simplified taxation system. The instrument, elaborated by the Ministry of Finance , provides for easing fiscal pressure on business, significantly expands economic freedom for small and medium-sized businesses, UKRINFORM reported.

The proposed legislative changes, in particular, cancels the penalties for failure to pay a single social contribution by single taxpayers for 2010 and also exempts from such payments individual businessmen using a simplified tax system among pensioners and the disabled.

The document also envisages the cancellation of a 50 percent premium to the fixed tax rates applicable for each employee. The draft law also removes the requirement to reissue a single taxpayer certificate annually, obtain information from tax authorities about the employment relationship with the hired persons.

The instrument also provides for the taxation of income of single taxpayers received from the sale of own products, based on the halved tax rates (1.5% in the case of VAT payment, 2.5% - without paying VAT, instead of 3% and 5% respectively).

It is expected that adoption of such standards will help reduce the dependence of the national economy on foreign imports.

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