Ukrainian Tax Administration proposed new changes to the Tax Code

VAT rate to be decreased from 20% to 7-12%

State Tax Administration of Ukraine announced new proposals to Tax Code.

Among the initiated changes are:

– decrease of VAT rate from 20% to 7-12%,
– introduction of 3% duty to Pension Fund for buying the foreign currency,
– introduction of 2.5% turnover tax,
– decrease of Social Security Tax from 32,6-49,7% to 15%,
– introduction of new rates for income tax: 10-15-20%, instead of 15-17%.