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In case of tax code amendments implemented, Ukrainian companies will lose their international markets, – European Business Association

Source : 112 Ukraine

European Business Association urges MPs not to pass amendments to the Tax Code of Ukraine
18:13, 18 September 2019

Anna Derevianko, European Business Association executive director
Channel 24

Anna Derevianko, European Business Association executive director, spoke out against the amendments to the Tax Code of Ukraine during a regular meeting of the working group on Taxation, Channel 24 reports.

"This will mean significant losses for public companies listed in foreign exchanges. The question is to make sure that the maximum number of civilized and transparent businesses are heard. In order for the conditions of business activities not to be substantially distorted, so that we do not lose all of our achievements over the past few years, there should be a level playing field for everyone". - stated Anna Derevianko, European Business Association executive director, during a regular meeting of the working group on Taxation.

Nevertheless, according to the participants of the working group meeting, the compromise hasn’t been reached yet.

As we reported earlier, the bill No. 1210, whose author is the chairman of the profile committee of the Verkhovna Rada of Ukraine Danylo Hetmantsev, was registered in the parliament. The document provides drastic changes in the basis of rent payments for ore-dressing and processing enterprises taxation. Specifically, the increase in the number of rent payments from 8 to 10% and the expansion of the taxation base for the products of ore-dressing and processing entities.

Previously, PWC, an international audit firm, has conducted research, according to which changes to the Tax Code that are set out in Bill No. 1210 will make rent payments in relation to the commercial profits of enterprises 10 times higher than in Russia, and higher than in Australia, Brazil, and China.

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