Number of taxes to be reduced in 2014

The Government of Ukraine plans to reduce the tax burden on taxpayers, despite the difficult economic situation in the country. The economic crisis, meanwhile, is not conducive to a fundamental revision of tax benefits, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.

"Today, the economic situation is not conducive to a fundamental revision of the tax benefits, provided that they have a tendency to decline,” said Oleksandr Klimenko, Ukraine's Minister of Revenue and Duties. 

According to the Minister, the Ministry of Revenue and Duties intends to achieve reduction of the number of taxes to 9-10 in 2014, whereas today there are more than 20."I have no doubt that we will do it in 2014," said Klimenko, who stressed that inefficient taxes will be slashed, including those too complex to manage.

Also the ministry welcomes the adoption in the first reading of a bill to establish the institute of a consolidated taxpayer and the need for financial-industrial groups  to comply with criteria for inclusion in this group, including transparency of their ownership. As noted by government analysts, the adoption of the bill would give another push for transparency in business.

Experts remind that earlier the Ministry of Revenue claimed to extend the moratorium on inspections of small and medium-sized businesses,  an initiative launched by business. According to officials, this measure will give entrepreneurs working with the simplified taxation system, additional incentives for growth and development. And this, in turn, will help increase payments to the budget.