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New Tax Code of Ukraine published
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8 December 2010
The Tax Code adopted by the Ukrainian parliament and signed by the Ukrainian president on December 3 was published in the official newspaper of the Verkhovna Rada, Holos Ukrainy, on December 4.
The document, which was published over 55 pages of the newspaper, takes effect from January 1, 2011.
After delays, demonstrations, and revisions, President Viktor Yanukovych has responded to criticism saying, “Most probably, next week I will dismiss some officials who pursued their own interests while drawing up the Tax Code,” he said.
“These officials spurned the opinion of civic society in Ukraine which is quite mature. Ukrainians were on the alert, they closely watched the developments around the Tax Code,” the president said. Among protester demands had been both reversal of the abandoning of tax breaks for small entrepreneurs and some had called for the sacking of Prime Minister Azarov.
Just days earlier Yanukovych had scrapped a new tax code in response to the largest opposition protest since his election in February – coinciding with the anniversary of the Orange revolution protests. All of the president’s subsequent amendments have been accepted. Some commentators had questioned whether the earlier reversal of unpopular reforms could mean other difficult policies required to comply with conditions attached to the $15 billion International Monetary Fund programme, might be delayed or cancelled. These require Ukraine to cut its budget deficit to 3.5% of GDP in 2011 and reforming tax is among the first steps to achieving this, with raising the retirement age for women from 55 to 60 and increasing domestic gas prices yet to be implemented.
The law on amendments to some Ukrainian laws regarding the endorsement of the Tax Code, which was signed by the head of state on Friday, was also published along with the Tax Code. The law was published over three pages in the newspaper.
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