Eight-five percent of entrepreneurs have switched to the simplified taxation system, Chairman of the State Tax Service of Ukraine Oleksandr Klymenko said at a briefing at the Cabinet of Ministers on Wednesday.

"As far as I know, more than 85% of businesses have already managed to re-register themselves as of the morning [on January 25]," Klymenko said, UKRINFORM reports.

He said that tax service offices would continue their work on the last day of the submission of applications for the transition to the simplified model and service all clients.

As UKRINFORM reported, a law introducing amendments to the Tax Code of Ukraine and some other legislative acts on the simplified taxation system, accounting and reporting of small businesses came into force on January 1, 2012.

In order to switch to a simplified taxation system, business entities were required to submit applications by January 25, 2012.

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