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Premier plans to reduce VAT from 20% to 17% next year
08.08.2013 09:47 "Agro Perspectiva" (Kyiv) —
Premier Mykola Azarov announced plans to reduce VAT from 20% to 17% next year and the corporate profit tax from 19% to 16% which, he said, would necessitate certain compensatory mechanisms and might lead to temporary losses, NRCU reports.
According to the government’s forecasts, next year Ukraine’s GDP is expected to grow at a rate of 3% with 8.3% inflation. At the Cabinet’s meeting the Prime Minister ordered the Ministry of Economic Development and Trade, the Income and Tax Ministry, the Infrastructure Ministry and the Ministry of Agrarian Policy and Food to develop a mechanism to simplify logistics and reduce costs on the grain market. «The mechanism must be developed and submitted to the Cabinet for consideration within a week,» During the meeting he also criticized the Income and Tax Ministry for initiating bulky certification procedures that would require numerous documents and approvals.
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