The government announced a gradual reduction in the tax burden on businesses from 45 to 20 percent

09 July 2022, 19:41 | Economy
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Over 10 years, the level of tax withdrawals from the economy should decrease from 45 to 20%. Yulia Sviridenko, First Vice Prime Minister - Minister of Economy, said this during the Forbes online conference "

It is noted that the government seeks to reduce the amount of state presence in the economy in order to stimulate economic growth.. To this end, it is planned to reduce the level of tax withdrawals from the economy from 45 to 20% by 2032.

" Security, the rule of law and the optimal amount of state intervention in the economy are the three components that will ensure it,"

To ensure the rule of law, the government is exploring the possibility of borrowing the experience of applying British legal norms for new investments from UAH 15 million.

A large-scale reform of labor legislation is planned, which will help businesses develop dynamically. We are talking, first of all, about the implementation of EU norms and ILO conventions, expanding the range of employment contracts, simplifying the procedure for entering and leaving workers on the labor market.

The government is betting on an export growth model. Currently, exports account for 35% of GDP (of which raw materials - 75%). The goal is to raise it to 50%. At the same time, 75% should be finished goods and services..

Another important strategy is to focus on small and medium-sized businesses.. Its contribution to GDP should be as large as possible. Poland followed this path when it was preparing to become part of the EU. To do this, the government is launching a series of grant programs. The business will receive resources that it can invest in its own business.

The government continues to deregulate business activities and is preparing to simplify the requirements that businesses must comply with. This, in particular, is the reduction in the number of types of permits from 14 to 5, the launch of a single permit portal, the transfer of all permits to electronic format.



" For example, implement a list of critical imports. However, as soon as the threat passes, we are ready to cancel them.. And the resolution of the Cabinet of Ministers on lifting restrictions on currency recalculation when importing goods demonstrates this well,"

The Minister of Economy added that, despite all the tactical steps caused by the war, Ukraine is moving towards minimizing the participation of the state in economic processes.. This is one of the important recipes for recovery and growth..




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