Tax reform in Ukraine must comply with commitments to IMF - G7 Ambassadors

Source : 112 Ukraine

To simplify procedures, to reduce corruption and to ensure fulfillment of tax obligations by companies as well as individuals - these are the key steps of tax reform needed for Ukraine's further development and prosperity, according to the statement of G7 Ambassadors
12:49, 6 November 2015

Ukrainian President

Tax reform should be consistent with obligations of Ukraine to the International Monetary Fund (IMF), said in a statement of G7 Ambassadors regarding reform of the tax system of Ukraine, published on the website of the British Embassy in Ukraine.

“Changes must be consistent with Ukraine’s commitments to the International Monetary Fund (IMF). In our view, any draft law under discussion in the Verkhovna Rada should take this into account. The current government has worked hard and constructively to meet its IMF obligations over the last year or so,” said in a statement.

Related: IMF ready to consider second $ 1.7 bln tranche for Ukraine

According to the statement, the G7 Ambassadors in general welcome the discussions on tax system’s improvement in Ukraine.

“G7 Ambassadors in Kyiv welcome ongoing discussions on how to improve Ukraine’s tax system and its administration. This is in need of reform - to simplify procedures, to reduce corruption and to ensure that both companies and individuals fulfil their tax obligations. Without this, the current and future governments will lack the resources needed to invest in Ukraine’s future development and prosperity,” said in a statement.

Related: IMF Chief Christine Lagarde lauds shifts in the Ukrainian economy

In addition, the Ambassadors expresses their “firm belief” that any changes to Ukraine’s tax system should be the result of honest and open discussion between the government, MPs and both Ukrainian and foreign businesses operating here. It is also stressed that these changes must be fiscally sustainable. 

As it was reported before, President of Ukraine Petro Poroshenko met with the heads of diplomatic missions of the so called Group of 7 who work in Ukraine October 23 ahead of local elections in Ukraine. During the meeting Poroshenko discussed with G7 Ambassadors the electoral process in Ukraine and stressed its principled position on the need to ensure free and fair elections, as reported by the Presidential  press service.

Related: Why the IMF recommendations to Ukraine appeared to be wrong

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