Aggressive tax collection, global slowdown erode state revenues

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Aug. 15, 2012, 5:45 p.m. | Business — by Jakub Parusinski

Recession in much of the eurozone has experts worried about how Ukraine will hold up in the face of an increasingly anemic Europe.

Jakub Parusinski

State revenues dropped 20 percent in July compared to last year, raising concerns that aggressive tax collection by Ukraine's authorities has pumped the country dry. While experts say this is a factor, they also highlight deteriorating macroeconomic conditions that are steadily getting worse.

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