You're reading: Tax service: Over 85% of businessmen switch to single tax system

Over 85% of Ukrainian businessmen as of early morning Jan. 25, 2012 had managed to switch to the new model of the single tax system.

"According to my information, as of morning [Jan. 25] over 85% of businessmen have managed to re-register," Head of the State Tax Service of Ukraine, Oleksandr Klymenko, said at a briefing in Kyiv on Wednesday.

He said that tax departments would continue operating on Jan. 25 – the last day for submitting an application to transfer to the new model of the single tax system – until the last client is seen.

Referring to the State Tax Service, Ukrainian businessmen who fail to switch to the single tax system by Jan. 25, 2012 will be able to do this 15 days before the start of the second quarter of 2012.

From Jan. 1, 2012 law amending the Tax Code and some other laws of Ukrainian regarding single tax system, accounting and reporting took effect.