TAX NEWS - June 2010

Ukraine Tax: New Tax Code provides for decline by 1% per year of profit taxation and of value added tax

As Prime Minister of Ukraine Mykola Azarov stressed, the Cabinet's new Tax Code significantly reduces the number of nationwide and local taxes and for the first time in the last 6 years the government carries on the policy of tax cuts.

According to Azarov, a basic hope is that investments will come, new production, efficient factories will be built, new jobs will appear, and they will be of a new quality. As Mykola Azarov said, This will help compensate cuts of profit taxation and of value added tax.