OREANDA-NEWS. August 13, 2012. The Chairman of the State Tax Service of Ukraine Oleksandr Klymenko is confident that signed by the President of Ukraine the Law № 5083-VI "On Amendments to the Tax Code of Ukraine regarding the State Tax Service and in connection with the administrative reform in Ukraine" will contribute simplifying tax administration procedures and consequently creating additional incentives for an active business development.

In particular, the law takes into account the STS initiatives to improve the simplified tax system by introducing a fifth and sixth groups of single taxpayers.

"With such split-off groups and simplifying conditions for doing business, need to minimize their tax liabilities will disappear in taxpayers. Thus, as the effect of stimulating business development, we expect the positive dynamics of budget revenues," said Oleksandr Klymenko.

The STS initiative about advance payments of profit tax included in the law will essentially simplify documents circulation and will allow planning of spending for entrepreneurs. Companies with profits of at least 10 million UAH will be paying monthly 1/12 of the accrued tax over the past year. If the company during the quarter shows a loss, one may apply, make recount and by year end will be exempted from paying advance payments.