OREANDA-NEWS. March 31, 2014. The Cabinet of Ministers suggests increase of taxes on big business monopoly, the Prime Minister of Ukraine Arsenii Yatseniuk declared while representing in the Parliament, draft laws on preventing the financial catastrophe and creating prerequisites for the economic growth in Ukraine and on making changes to the State Budget for 2014.

He emphasized that this step is necessary to shorten the fiscal gap. According to Arsenii Yatseniuk, the first stage is planned to shorten the fiscal gap by UAH 48.5 billion at the account of cutting state budget expenses, including reducing of the social programs by UAH 23.8 billion and increasing the budget revenues by UAH 24.7 billion.

Arsenii Yatseniuk informs the rent for mineral deposit use will be upped twofold.

He stressed he realized through this the Government might be subject to criticism as closing down enterprises and shortening of workplaces follows: “I declare: I am ready to be answerable for every number. We are going to increase twofold relevant rent rates and we enunciate it won’t affect competitiveness of Ukrainian mining complex, as such tariffs are related to those existing on competitive markets, including those of the Russian Federation”. 

Moreover, the Government plans to raise payment for oil and condense gas: “The state monopolies or companies, in which the state owned 50+1%, must share with Ukraine”.

“I underline again they have enough resources and it won’t influence their financial showings,” the Prime Minister stressed.

“Big monopolies are obliged to pay into the budget – so it will be,” Arsenii Yatseniuk emphasized.