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Ukraine Consults Investors On Corporate Tax Overhaul

by Ulrika Lomas, Tax-News.com, Brussels

14 March 2018


Ukrainian President Petro Poroshenko has invited business representatives to discuss a "new model of taxation" that will shift the burden of tax from company profits to income distributions.

During a meeting with representatives of foreign and domestic businesses on March 12, Poroshenko described the proposals as a "new philosophy" in taxation that would simplify tax for small businesses and lead to higher rates of investment.

"We are protecting small and medium businesses with this bill. It means significant simplification of accounting: you pay taxes for the sum you withdraw. What is left goes to the investment in business," he said.

Poroshenko suggested that the reforms could be phased in so they would apply to small firms before being extended to other businesses.

"On the first stage we can spread this on small and medium business only in order to find compromise with foreign investors," he said.

Poroshenko said: "This worked 100 percent positively in many countries, including Georgia, Estonia."

Poroshenko argued that the reforms would fundamentally change the business environment and "dramatically stimulate" investment in Ukraine.

"Why should you withdraw money? Contribute them to the development of production. I think we have to act decisively on this. This is our common change in the investment climate in the state," he concluded.

TAGS: environment | tax | investment | small business | business | accounting | corporation tax | Estonia | Georgia | dividends | Ukraine

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