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  • Prime Minister: Government proposes amendments to Tax Code to promote fair competition
    Communications Department of the Secretariat of the CMU, posted 12 May 2021 15:27

    The bill on amendments to the Tax Code will allow increasing annual revenues to the state budget to UAH 60 billion. Prime Minister Denys Shmyhal stated during a Government meeting on May 12 in Chernihiv region.

    On the outcomes of the session, the Cabinet of Ministers approved the relevant draft law.

    "We are closing the gaps in the Tax Code that allowed big business to avoid paying taxes in Ukraine. In recent years, many different schemes have been devised, which this bill disables," said the Prime Minister.

    Denys Shmyhal stressed that the bill would not increase national taxes for people or businesses, i.e. the changes would not affect individual entrepreneurs or small and medium-sized businesses in general.

    The Prime Minister also singled out the four main blocks contained in the government bill. In particular, the rates of certain taxes will be adjusted to the actual level of macro indicators. According to him, this applies to fees for the use of water and forests or, for example, environmental tax.

    "The second block is rent payments for the extraction of minerals. Extraction from the Ukrainian subsoil must be fairly taxed. We will also increase the efficiency of excise tax collection. The third is further counteraction to the tax schemes and the fight against the shadow use of land and the circulation of agricultural products. And the fourth block is issues related to the administration of tax debt," said the Prime Minister.

    According to Denys Shmyhal, the tax changes proposed by the Government should promote fair competition among businesses.

    Prime Minister: Government proposes amendments to Tax Code to promote fair competition