You're reading: Government prepares new optimization of tax laws

The Finance Ministry jointly with the Economic Development and Trade Ministry of Ukraine has drawn up a draft law on the optimization of tax laws, in particular, foreseeing a large reduction in the number of taxes.

“We’ve managed to compose an agreed option [of changes to tax laws],
which we, jointly with the Finance Ministry, will put for discussion at a
cabinet meeting soon,” Vice Premier and Social Policy Minister Sergiy
Tigipko said at the international conference entitled “Tax Reform – the
Important Resource of Economic Group and the Driver of Employment.”

The draft law, which at present has been sent to the Justice
Ministry, foresees that the number of taxes will be cut from 23 to nine,
the number of tax reports will be reduced from 115 to 22, and the
number of tax payments will fall from 184 to 48 per year.

“I believe that we should facilitate the forms of tax invoices. We
should introduce realistic procedures for the electronic declaration and
payment of taxes. We should also gradually cancel the tax invoice
institution via [regulatory] relaxation,” Tigipko said, commenting on
the proposed changes to Ukrainian law.