On
Thursday, 24 December, the Verkhovna Rada of Ukraine has adopted
a package of government laws that will reduce the tax burden in the economy,
increase the efficiency and targeting of public expenditures through the
introduction of structural reforms in various sectors of the government’s
presence, enhance the quality of public services.
In
particular, the Tax code of Ukraine was amended in order to minimize the tax
burden in the economy. It is envisaged the cutting of a single social
contribution (SSC) rate to the single rate of 22%, abolishing imposition of SSC
on income of individuals.
From
1 January 2016 the special import duties are abolished.
Also
the amendments provide for the tax exemption of international technical
assistance, simplification of tax administration through a transparent system
of VAT refund.
The
adoption of the package of bills was also crucial to balance the state budget,
which is an important component to obtain the next IMF tranche and the
associated international financing aimed at maintaining stability,
predictability and economic growth of the country.
Officials
of the Ministry of Finance of Ukraine note that the compliance with the
principles and objectives under the Extended Fund Facility program of
cooperation of Ukraine with the IMF "will be analysed by
specialists of the International Monetary Fund.
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