The Ukrainian authorities refused the promised tax cuts
Kyiv, April 18 (Navigator, Vladimir Mikhailov) - The Ukrainian authorities are refusing promises of a tax burden for business - VAT, income tax and single social contribution will remain at the same level in order to receive IMF loans. The previously planned gradual reduction in taxes will reduce budget revenues.
This was stated at a meeting of the board of the Ukrainian Union of Industrialists and Entrepreneurs by the director of the department for coordination of legislative and methodological work on taxation issues of the Ministry of Revenue Nelya Privalova.
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“VAT and income tax are the main sources of budget revenue. The funds received are used to ensure the socio-economic development of the country, finance the budgetary sector, maintain the living standards of our people, including the implementation of social payments to low-income segments of the population,” she said.
The same applies to reducing the burden on the wage fund.
Nelya Privalova recalled that last year the Ministry of Revenue put forward legislative proposals to reduce the burden on business.
But then officials found out that such a decrease in budget revenues is now unacceptable.
“These issues can be considered, but also in conjunction with other mechanisms, so that this does not lead to losses in the budget,” says Nelya Privalova
In March 2014, the Cabinet of Ministers of Ukraine adopted a package of bills as part of the resumption of cooperation with the IMF. Among other measures, income tax and VAT rates were frozen at their current levels, that is, 18% and 20%, respectively, instead of their previously planned reduction from 2015 to 16% and 17%.
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