Yanukovych changes tax law after protests

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Dec. 2, 2010, 8:33 p.m. | Business — by Associated Press

Protesters shout slogans protesting a draft tax law in Kyiv, Ukraine, Thursday, Dec. 2, 2010.
© AP

Ukrainian President Viktor Yanukovych has succumbed to public pressure and changed a tax reform that sparked mass protests. Yanukovych returned the bill to parliament Thursday insisting that tax breaks for small and medium-size companies be kept. Parliament moved quickly to approve the amended version of the bill. It is now up to Yanukovych to sign the bill into law.

The original bill called for raising taxes for smaller firms sparked over 10 days of mass protests by thousands of businessmen in Kyiv and across the country. They said the new tax would make them bankrupt. The government insisted it needs to collect more taxes to fund pensions after a severe recession.

However, a lawmaker from Yanukovych's party suggested that the change was not final and taxes for smaller companies will be revisited in two months.
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