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Ministry of Economics to improve small business entities taxation system
25.11.2008 17:46 "Agro Perspectiva" (Kyiv) —
As to draft Law (elaborated by Ministry of Economics and published on its official website) “About Simplified System of Taxation, Registration and Reporting of Small Business Entities,” Ukrainian Ministry of Economics has proposed to remove allocations for social insurances (e.g. obligatory State social/pension insurances) from legal persons unified tax. Besides, Ministry of Economics has also proposed to decline legal persons unified tax rates (from 10% to 5% if unified tax includes VAT and from 6% to 3% if VAT is paid separately). Also, draft Law stipulates that money amount liable to natural persons unified tax should be differentiated: thus, if natural person annual income exceeds UAH300,000, additional income should be taxable up to 1% rate (if annual income exceeds UAH500,000, surplus money amount should be taxable up to 15% rate). As to draft Law authors, proposed measures will prevent possible payments abuses. Besides, Ministry experts believe proposed Law will promote simplified taxation system further improvement and prevent tax concessions abuses on part of middle/big business entities.
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