Tax Code
02 December 2010
The Verkhovna Rada Approves the Tax Code of Ukraine
On 2 December, the Verkhovna Rada of Ukraine approved in the second reading and as a whole the Draft Tax Code of Ukraine, including proposals made by the President of Ukraine. This decision was supported by 268 out of the 418 MPs registered in the session chamber.
The proposals by the MFSI project/IBSER experts regarding the charge for conducting certain types of entrepreneurial activity and the simplified taxation system (with regard to the unlimited validity of a single tax payer's certificate) have been taken into account in the final version of the Tax Code.
The strengths of the document include (see document analysis in the Attachment):
1) introduction of an immovable property tax;
2) abandonment of ineffective local taxes and fees.
IBSER experts continue working on elaborating their proposals to find compensators for the losses from the cancellation of the previous local taxes and fees, in particular, with regard to reconciling the provisions of the newly approved Tax Code and the Budget Code, which provide for the possibility of crediting a portion of revenues from the enterprise profit tax to local budgets.
On 2 December, the Verkhovna Rada of Ukraine approved in the second reading and as a whole the Draft Tax Code of Ukraine, including proposals made by the President of Ukraine. This decision was supported by 268 out of the 418 MPs registered in the session chamber.
The proposals by the MFSI project/IBSER experts regarding the charge for conducting certain types of entrepreneurial activity and the simplified taxation system (with regard to the unlimited validity of a single tax payer's certificate) have been taken into account in the final version of the Tax Code.
The strengths of the document include (see document analysis in the Attachment):
1) introduction of an immovable property tax;
2) abandonment of ineffective local taxes and fees.
IBSER experts continue working on elaborating their proposals to find compensators for the losses from the cancellation of the previous local taxes and fees, in particular, with regard to reconciling the provisions of the newly approved Tax Code and the Budget Code, which provide for the possibility of crediting a portion of revenues from the enterprise profit tax to local budgets.
Glyanec