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Global slowdown erodes government tax revenues

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Aug. 22, 2012, 8:23 p.m. | Business — by Jakub Parusinski

The National Bank of Ukraine in mid-August announced tighter rules for companies engaged in international trade, forcing them to use a single bank to settle the foreign currency denominated payments.
© Sohei Yasui

Jakub Parusinski

Tighter rules on currency trading for businesses and a 20 percent fall in state revenues in July both point to an increasingly shaky state of Ukraine’s finances. Aggressive tax collection has also weighed heavy on businesses’ coffers, experts say, which are already suffering from the increasingly gloomy global economic situation.

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