Finance Ministry expects amendments to Tax Code will bring additional UAH 2.7B in 2021

Finance Ministry expects amendments to Tax Code will bring additional UAH 2.7B in 2021

Ukrinform
The Finance Ministry of Ukraine has reported that draft amendments to the Tax Code of Ukraine approved by the Cabinet of Ministers aim to raise the level of tax administration, improve the conditions for starting a business and, as a result, increase revenues from taxes and fees to the state budget by UAH 2.7 billion in 2021.

"On September 14, the Cabinet of Ministers of Ukraine approved amendments to the Tax Code of Ukraine and some other laws of Ukraine in terms of ensuring balanced budget revenues. The draft law has been developed to increase revenues to the state budget in 2021," reads a report released by the Finance Ministry’s press service.

The ministry noted that the implementation of the bill will increase taxes and fees to the state budget by UAH 2.7 billion, to local budgets - UAH by 0.5 billion.

As Ukrinform reported, the Cabinet of Ministers of Ukraine approved the 2021 draft state budget at an extraordinary meeting on September 14, 2020. In particular, the document envisages Ukraine’s GDP growth at 4.6% and consumer inflation at 7.3% in 2021.

Finance Minister Serhiy Marchenko said at a briefing that the draft state budget 2021 provides for a reduction in public debt by 3.4%, up to 64.6% of GDP.

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