The new Cabinet of Ministers approved its activities for upcoming years

1) to reduce the share of public sector spending in GDP by 10% (2015 – 2016);

2) to reduce the level of taxes from 22% to 9% (I quarter 2015);

3) to combine tax and accounting, harmonizing it with the International Financial Reporting Standards – IFRS (2015 – 2016);

4) the legalization of wages by reduction of the load on the wage fund:

• by gradual reduction in the size of the single payment from 41 to 15% (I quarter 2015);

• by strengthening the responsibility of employers for providing the cash payment of wages (the first half of 2015);

• with the adoption of regulatory acts by the Ministry of Finance in conjunction with the National Bank of Ukraine – NBU aimed at reducing the shadow economy of cash payments to employees (I quarter 2015);

5) to reduce the tax burden on small and medium-sized businesses, in particular:

• halving the single tax rate (I quarter 2015);

• a ban on hold for 2015 – 2016 years of inspections of business entities regulatory authorities;

6) the introduction of the tax compromise to complete the declaration of existing assets and the introduction of compulsory declaration of income;

7) the introduction of a new system of VAT administration (I quarter 2015);

8) the completion of reforms in the sphere of public procurement;

9) the execution of the program of cooperation with the IMF (over the life of the program);

10) de-monopolization of the economy:

• formation of a new Antimonopoly Committee (the first half of 2015);

• the development and promotion of the adoption of the new edition of the Law of Ukraine “On Protection of Economic Competition” (2015);

• privatization of state-owned banks;

11) active promotion of export trade and protection of the domestic market:

• maximize the benefits of free trade with the countries – members of the EU (continuing);

• the signing of the national interest agreements on free trade zone with Canada, Turkey, Israel, the Cooperation Council for the Arab States of the Gulf (GCC), the Economic Community of West African States (ECOWAS) (until 2018);

• conducting an offensive policy Trade Representative (continuing);

• doubling the volume of exports of domestically produced goods (until 2019).

CMU from 09.12.2014, number 695 will come into force from the date of publication.

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