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PM: Amendments to the Tax Code will result in faster economic growth and deshadowing of the economy
05.10.2016 | 13:50
INFORMATION AND COMMUNICATION DEPARTMENT OF THE SECRETARIAT OF THE CMU

Changes into the Tax Code will contribute to more rapid economic growth, development of entrepreneurship and deshadowing of the economy. This was stated by Prime Minister of Ukraine Volodymyr Groysman during the Gov’t session on Wednesday.

"These mechanisms should trigger faster economic growth", said Volodymyr Groysman, announcing consideration by the Government of elaborated by the Ministry of Finance of Ukraine changes to the tax laws.

According to the Head of the Government, a GDP growth rate can be doubled-tripled through proper management, a favourable climate for investment into employment and the Ukrainian product, as well as protection of Ukraine’s trading interests all over the world.

The Prime Minister noted that the planned changes would give an opportunity for the Ukrainian businesses to operate smoothly.

He considers that so far investment in Ukraine has been deterred by the fact that the Ukrainian and foreign entrepreneurs want to have full confidence in the Government, institutions, legislation, rules for everyone to adhere to – for both the authorities and the businesses.

"The trust in the Government on the part of business can be measured by a rather simple indicator - the volume of voluntarily paid taxes. Therefore, our current objective is to ensure systems of doing business be European, modern and well-balanced", stressed Volodymyr Groysman.

Apart from that, changes in the tax legislation will facilitate deshadowing of the national economy, stressed the Head of Government.

So, according to various estimates, over 50% of GDP is currently in the informal economy in Ukraine, he emphasized.

 

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