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 Government Promises Two-Year Tax Holiday for Small and Medium Businesses

The government’s action program within the the new economic policy provides for a two-year tax break for small and medium-sized businesses.

This was stated by Prime Minister of Ukraine Arsenii Yatseniuk presenting a draft action program of the government, Censor.NET reports citing Ukrinform.

"We offer two simple solutions. The first solution is to cut in half the single tax for small and medium business, and the second solution is to leave them alone for two years, and do not audit them," Yatseniuk said.

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He added that the Cabinet will present a bill to the Parliament which, at the first stage provides for presenting the entrepreneurs with so-called zero declarations, and at the second stage - their transfer to the common system of income declaration.

"As part of our new economic policy, the government will propose the Parliament to enact legislation on the tax compromise. This means the introduction of zero tax declarations. Everyone must declare and show what they have. This is our start. Then, after this start the Government considers it necessary to introduce a common system of income declaration," he said.

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According to him, it will help fight corruption, and uphold the principle of equity in the distribution of income and taxation, as well as complying with European and international standards.

 
 
 
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