The purpose of the new tax legislation “is transparency in the tax system, the new system of administration and simplification of taxpaying, tax rate cut in particular in the payment of payroll taxes as well as transparent system of reimbursement of value added tax” Prime Minister of Ukraine Arseniy Yatsenyuk said at a Government meeting on Wednesday, 9 December.

Arseniy Yatsenyuk said that today almost all day item-by-item the Government is working on a new edition of the Tax code and the draft law of Ukraine On the State Budget. He recalled that a meeting of the National Council of Reforms was held on December 8: "We managed to reach a compromise in the tax reform."

He stressed that the Government was able to do a lot in the new system of collection of value added tax through the electronic system of VAT administration: "We have an additional over-performance of revenues from value-added tax from UAH 2 to 3 billion every month".

“After we jointly adopted a decision on new rates in the Tax code, we need to recalculate accordingly the law of Ukraine On the State Budget. The Ministry of Finance worked all night. And tomorrow we will process together with members of the Government work the Tax code and the draft law of Ukraine On the State Budget article by article,” the Head of Government stressed.

"Due to the fact that this bill is very complex - it' has seven hundred pages prepared by the Ministry of Finance in collaboration with the best international companies, - we together with the President have reached the following understanding. The Cabinet of Ministers of Ukraine finalizes (Tax code the State Budget) and after yesterday's agreements then we submit to the President, and he, using his constitutional powers, will introduce it to the Parliament with the petition for consideration of it by the emergency procedure, as a priority," the Head of Government said.

Arseniy Yatsenyuk said that the tax rate will be reduced from January 1, 2016. And the body of the Tax code, which is prepared, will come into effect from the second quarter of next year. “The Ukrainian business will have three months to thoroughly study the Tax code. If you need to make the necessary changes, we will have the whole quarter” the MP stressed.

Arseniy Yatsenyuk expressed hope that the bill would be voted in the Parliament, “as well as we have come to understanding at the National Council of reforms”: "We are all on one side of our goals, which are economic growth and stability, new jobs, the increase in revenues both for businesses and the state budget".