Reduction of single social contribution rate helps achieve economic growth – Finance Ministry

Finance Minister of Ukraine Oksana Markarova stated that the reduction of the single social contribution rate in 2015-2016 was the right step and gave impetus to economic growth in Ukraine.

In a post on her Facebook page, she wrote: “The decision to reduce the single social contribution rate in 2015/16 was right and gave impetus to economic growth, and the decrease in labor taxes (in particular, personal income taxes) in a fiscally responsible way, as soon as possible, should be a priority for the government.”

Earlier, Danylo Hetmantsev, an expert on taxation in the team of newly elected President of Ukraine Volodymyr Zelensky, said that the government’s decision to cut the single social contribution rate in 2016 was “mindless populism”, which led to government losses.