The government intends to implement a number of reforms in several key areas to accomplish the task of President Viktor Yanukovych on entering our country in the top hundred of the Doing Business world ranking, first vice Prime Minister Serhiy Arbuzov wrote in his article for the Ukrainian English-language weekly Kyiv Post.

In particular, the first vice PM vowed to further simplify business registration, their acquisition of the status of VAT payer, simplification of tax registration. In addition, the government intends to strengthen the protection of investors' rights. For this, there will be introduced civil penalties for violations of those rights, enhancing the operation of joint stock companies.

Arbuzov also promised to continue liberalizing of tax legislation, in particular, reducing the VAT burden, and refining system of tax administration.

Among the new directions of business facilitating, Arbuzov called settlement of international trade issues. In particular, it will be simplified customs control, to be built on the results of risk analysis and customs post-audit. "The result should be a reduction of up to 5% of the number of inspections of goods and vehicles. Now it is around 15-20%," Arbuzov said in his column.

Another innovation relates to improving bankruptcy procedure and reorganization of enterprises - implementation of an automated system of anonymous testing and automatic selection of arbitration managers.

Speaking of realistic nature of plans to improve Ukraine's position in the Doing Business, Arbuzov said that Ukraine earlier managed to dramatically improve its position in this ranking due to the conducted reforms: "We are very optimistic. In early 2013, Ukraine has gone up 15 positions of the rankings. In addition, the authors of Doing Business have not taken into account a number of reforms aimed at deregulation and the creation of business friendly environment. In particular, it is about 52 new laws and 36 regulations of the Cabinet of Ministers, which came into effect on 1 January this year".

Doing Business ranking is annually compiled by experts from the International Finance Corporation of the World Bank. It is believed to be a key indicator of business climate in a country.


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