According to the Secretariat of the Committee, a large workgroup of people's deputies, who represented all factions of the Ukrainian Parliament (over 110 deputies) along with leading experts, has spent the last month to elaborate the draft law on amendments to the Tax Code of Ukraine (as to tax liberalization).
The people's deputies/members of the workgroup, have founded there initiative as to the elaboration of the draft law with absence of the tax reform announced by the Ministry of Finance in spring 2015 as well as with a sudden deterioration of domestic economy, expansion of its shadow element.
Over the last 25 years, since the very start of 2015, the industry indicators have fallen by 18%, the commodity exportation from Ukraine decreased by 37.8%, the level of shadow economy reached 47%, the total amount of official GDP, which made up about USD 40 billion per year.
Besides, taking in accounting insufficiency of own floating funds, high cost of credit resources, limited sources to attract investments from, the fiscalization of Ukraine is impossible.
To improve the situation and to take the first step on the way to real tax reform, a liberal tax reform has been prepared. Its major provisions are:
— cardinal reorganization of the structure and functions of the State Fiscal Service;
— expansion of electronic services in the tax management;
— decrease of the burden on the remuneration of labor fund;
— switch to taxation of distributed profit;
— improvement of general system of individual income taxation;
— improvement of defects of the Value Added Tax Electronic Administration System.
On October 20, Chairperson of the Verkhovna Rada Committee on Taxation and Customs Policy Nina Yuzhanina had a meeting with International Monetary Fund Resident Representative Office in Ukraine Jerome Vacher, at which he warned about the necessity to hold well-weighed policy to ensure the balance of incomes and expenditures of the state budget to allow the IMF to further financially support Ukraine.
The Chairperson of the Committee expressed readiness for constructive cooperation with the Ministry of Finance and the IMF to search for a compromise or a decision that would allow Ukraine to fulfill its obligations to the IMF and simultaneously trigger and restart the growth of Ukrainian economy.