OREANDA-NEWS. On July 24, 2008 The Finance Ministry made public the "Strategy of Tax System Reformation", based on which the Tax Code will be elaborated.

It is the third variant of the tax reform. The previous two variants have been developed by governments of Viktor Yanukovych (adopted on February 19, 2007) and Yuriy Yekhanurov (it was only a draft law). A new reform should prolong till 2018 and make the Ukrainian tax system close to European standards.

Key items of the document include abolishment of all tax privileges and a simplified regime of taxation for a small business, as well as levying of a profit tax from insurance companies, traders in securities and joint investment institutes.

The ministry explains abolishment of privileges by WTO requirements. Instead, the small business will be proposed other "forms of support", exemption from cost accounting and a simplified system of business accounting. The previous concept proposed to renew privileges on free economic zones and priority development territories.