"We put public finances to rights: debt policy is controlled and the public debt is within economically safe limits. The adopted Budget Code has established the precise mechanism of interaction between the central and local budgets," he said.
In addition, according to Yanukovych, the government lays the foundation for further investment in economic development through the reform of the Ukrainian tax system. "The Tax Code provides for a gradual reduction of the tax burden on business. The income tax rate is reduced from 25% to 21%, and will be further reduced to 16% in 2014. Value-added tax rate will decrease from 20% to 17% in 2014," the President said.
He also stressed that Ukraine has significantly simplified licensing procedures. "The number of permits has been reduced nearly nine-fold. Licensing of 30% of the economic activities have been eliminated," Yanukovych said.
According to the President, these successive steps give Ukraine an opportunity to effectively counteract the negative effects of the global economic crisis.
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