Wednesday, February 28, 2018

President on the need to adopt a number of important laws: I will actively use the right of legislative initiative

President Petro Poroshenko intends to actively use his right of legislative initiative in 2018. "I will actively use the presidential right of legislative initiative," he said during a press conference held in Kyiv.

The Head of State informed that today the parliamentary committee on tax policy together with the working group had completed the draft law "On the National Bureau of Financial Security" and the document was submitted for public discussion.

Petro Poroshenko stressed that the given law would protect Ukrainian businessmen. "The establishment of this National Bureau as an analytical structure will cut off all other power institutions from the pastures on which they have been mooching on Ukrainian business for decades. No one will be able to approach the taxpayer after the adoption of this law. It is only the Bureau that will deal with non-payment of taxes, and the new generation of entrepreneurs won’t know such notions as tax police or inquisition," he said.
In addition, the President informed that the next meeting of the National Council of Reforms on Friday will touch upon the draft law "On the Currency", which will finally replace the decrees of the early 90's and bring the currency regulation in Ukraine in line with the European. "In my opinion, it will be a revolutionary law that will liberalize currency regulation in accordance with the Association Agreement. The law will bring it in full compliance with the norms of the European Union. It is the change of the philosophy. The principle - "everything that is not directly prohibited by law is allowed," he said.
The bill replacing the tax on the withdrawn capital with the income tax is also ready to be submitted to the Parliament. "I propose only withdrawn part to be subject to tax, part of the profit for consumption, which is not allocated for creating or expanding production," Petro Poroshenko noted.
"This will be a very powerful injection for economic growth. And, by the way, a powerful vaccine from corruption, because the simplicity of administration will deprive the controller of the opportunity to decide on the prime cost, structure of expenditures, production technology and other issues to which the inspectors should not have any relation,” the Head of State emphasized.
He recalled that the concept of bills on the National Bureau of Financial Security and the tax on withdrawn capital had been discussed in a meeting with business associations. During these meetings, the President announced the initiative to extend the moratorium on inspections for small and medium businesses. The Head of State remarked that the Government, unfortunately, was still delaying that. However, he expressed hope that those proposals would be taken into account.
"We have to do this and other steps to raise the middle class again, which suffered most from the trials of recent years," Petro Poroshenko stressed, noting that the middle class had been one of the most vulnerable, because it had no fat reserves that could help pass through "difficult times".
"The middle class is a guarantor of the democratic nature of the political system," he said.

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