OREANDA-NEWS. April 04, 2013. The Ministry of Income and Fees must give impetus to the development of entrepreneurship and create rules under which tax payment will be of maximum comfort. It was stated by the President at the meeting of the Committee on Economic Reforms.

“The new ministry must give a boost to the development of business initiative and economy,” the President noted. He stressed that it was necessary to create rules under which tax payment will be of maximum comfort. “You should provide services and become partners for business,” Viktor Yanukovych said.

He reminded that in 2013, corporate income tax rate declined by 19% that is equal to the lowest rate among OECD countries. Starting from 2013, enterprises can pay corporate income tax annually rather than quarterly.

At the same time he emphasized that Ukrainian business spent a lot of time preparing tax reports and paying taxes. “According to the World Bank, Ukrainian enterprises spend 491 hours annually for this end, while European and Central Asian enterprises spend only 260 hours,” the President noted.

“Business community is mainly concerned with the predictability of tax environment. New initiatives shouldn’t break the system and create new stress for taxpayers; they must improve it where necessary. They must be profound, predictable and meet the interest of entrepreneurs,” the President noted.