You're reading: Yanukovych acts to soften tax blow on small business

Dec. 2 (Reuters) - Ukrainian President Viktor Yanukovych on Thursday proposed softening a new tax code to exclude thousands of small business owners from paying higher taxes, after large street protests.

Parliament was on Thursday discussing amendments proposed by Yanukovych to a tax code which would have ended generous tax breaks for tens of thousands of small business entrepreneurs in Ukraine.

He proposed keeping the present system for small entrepreneurs under which they pay fixed ad hoc monthly payments instead of paying a tax on profits like larger companies.