OREANDA-NEWS. November 15, 2012. The representatives of domestic business and foreign investors operating in Ukraine are displaying 'cautious optimism', but are no longer considering the tax system as the main barrier to improving the investment climate.

These are findings of a survey of the Index of investment activity of Ukraine following the results of 3rd quarter of 2012, conducted by the Research & Branding Group sociological company at an initiative of the STS of Ukraine.

As compared to the first quarter of 2012, the index has increased by 0.2 points and reached 4.43 points out of 10 possible ones. The global economic situation, according to representatives of the business (63.5% of respondents), retains a significant impact on the investment climate in Ukraine. The research show  that in the 3rd quarter, the investors pointed out reduce in negative impact of such obstacles to doing business, as administrative barriers, the tax system, the governance at central and local levels. However, investors increasingly began to point out to the need to continue the combating corruption and reforming the judicial system.

"The taxation system, as compared to the first quarter, is no longer one of the four most serious obstacles to the investment climate improvement. This, along with level decrease in relevance for businesses of reforming the tax system, indicates that the tax reform is already yielding fruit although it is still not completed," said Eugen Kopatko, sociologist, founder of the Research & Branding Group.