President signed the Law on Amendments to the Tax Code on the Improvement of the Investment Climate in Ukraine

In the course of the meeting with Chairman of the Verkhovna Rada Committee for Tax and Customs Policy Nina Yuzhanina and Minister of Finance of Ukraine Oleksandr Danyliuk, President Petro Poroshenko signed the Law on Amendments to the Tax Code on the Improvement of the Investment Climate in Ukraine.

“I would like to congratulate you on the completion of an extremely important process, which started with large-scale consultations with the public, huge work that involved business circles and civil activists,” Petro Poroshenko said.

According to him, the draft law has been considered by the Government. The National Council of Reforms has made serious efforts to finally produce a draft law on the amendments to the Tax Code aimed to improve the investment climate.

“With the adoption of this law, tax inspections at the level of districts will transform from the controlling and inspecting bodies into the consultative ones. This is very important. This is what the tax inspection must be like, when the entrepreneur receives consultations from it. There are no more raids or corrupt schemes,” the Head of State said.

Petro Poroshenko expressed confidence that prompt implementation of that law would significantly improve the investment climate in the state.

The President noted that the controlling functions of the tax inspection would remain at the regional level. “This will substantially increase the level of competence and professionalism. By the way, this will also reduce the number of inspections,” he said.

The Head of State also noted that the law abolished any inspections of the newly-established enterprises with the turnover below 3 million hryvnias.

“A very important step is that we transfer access to the registers of VAT refund to the Ministry of Finance. Finally, the monopoly of fiscal service in that issue becomes an absolutely transparent and efficient system, in which the Ministry of Finance will ensure efficient and automatic VAT refund. This tax, which has always been a symbol of corruption, will finally begin playing its efficient role of filler of the State Budget,” the President emphasized.

According to him, administration of profits tax, VAT, UST, PIT and many others creates a totally different tax and investment climate.

“Soon, when this law is signed and put into action, we will have radical changes in the investment and tax climate,” the President noted.

The Head of State expressed gratitude to everyone involved in the elaboration of that fundamental law – Government, Parliament, National Council of Reforms, experts and representatives of Ukrainian and international business associations, as well as the public.

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