03.09.2010 14:07

Tax Revolution begun in Ukraine!


Today, an event has taken place in the Club of Cabinet of Ministers of Ukraine - the presentation of tax constitution: "The Tax Code - for the welfare of citizens and innovative economic development”.

The Prime Minister Mykola Azarov presented the Tax Code. Among participants of the event were Deputy Prime Minister for Economic Affairs Serhii Tihipko, Finance Minister Feodor Yaroshenko, Deputy Prime Minister for Euro-2012 Borys Kolesnykov, government officials, experts and scientists.

Opening the presentation, the Prime Minister said that many people worked at the Tax Code of Ukraine. First of all, Prime Minister told about the atmosphere where the Tax Code of Ukraine had been developed: "The government, coming to power on March 11, was confronted with a difficult situation: the treasury was empty, incredible debts, the economy in a downturn," Naftogaz of Ukraine – bankrupt”.

Mykola Azarov also reminded that in late April, the budget was adopted, which "gave the grounds for the beginning of stabilizing the financial situation in the country." In addition, continued the Prime Minister, immediately issues of reforming the economic, budgetary and tax spheres were brought up on the agenda.

Mykola Azarov promised that the new Tax Code will set one of the most attractive regimes for investors in Europe. "We will set the lowest taxes in Europe" - he said. According to him, officials have proposed to simplify tax administration, abandon inefficient taxes. "But everyone must pay these reduced taxes", - said Mykola Azarov.

The government proposes to impose a tax of more than 100 square meters of real estate in the city and more than 200 square meters - in the village. "5 percents - those who have large apartments, big houses - will pay this rate 10 hryvnia for 1 sq m." - informed the Prime Minister.

The government proposes to levy incomes received by citizens due to the deposits of more than 200 thousand hryvnia, 5 percents tax. Income of individuals larger than 10 minimum wages (currently - 888 hryvnia, beginning from December 1 - 922 hryvnia) will be taxed at a progressive rate of 17 percents.

03:29 pm Import of second-hand will not have any preferences. However, the Prime Minister said the government will exempted from profit taxes the portion of profit which will be given to companies on innovation and technological upgrading.

Zero rate of profit tax is proposed to impose for 10 years for consumer goods industry, Prime Minister Mykola Azarov said. According to him, the zero rate of profit tax is envisaged in the draft Tax Code for small business for 5 years, and for the hotel business - for 10 years.

The Prime Minister said that the draft Tax Code provides that the operations of scrap metal, with grain crops, industrial crops (sunflower and rape) as well as operations with forest are not VAT tax object. Similarly, legal, consulting, audit services and services of single tax payers are not VAT object also. He noted that VAT rate in the amount of 17 percents is envisaged beginning from January 1 2014.

Objects for Euro-2012 will be commissioned ahead of schedule, says Prime Minister Mykola Azarov.

The government has spent no dollar from the money given by IMF (International Monetary Fund) to Ukraine, said Prime Minister Mykola Azarov. "We took 2 billion from IMF, and both are not spent. One is in the National Bank to support our foreign exchange reserves, the other is in the State Treasury. And money will not be spent, because we (the first tranche of IMF loan - editor.) will be spent for the obligations of Tymoshenko”, said Mykola Azarov.

Cabinet suggests that in the first quarter 2011 revenue will decline, says Prime Minister Mykola Azarov. "We forecast a reduction of budget revenues in the first quarter of 2011 in the amount of 4 billion hryvnia in the case if the new Tax Code comes into force and the zero rate of profit tax for consumer goods industry, as well as for hotel and small business ... Our position is that beginning from 1 January 2011 new tax rules will come into force, but the decision will be taken by the Verkhovna Rada,” said Mykola Azarov.

By Yulia Makoveeva, MIGnews.com.ua


Теги материала: Azarov, Ukraine, Cabinet of Ministers, Tyhypko, economy

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