Prime Minister Volodymyr Groysman recently announced new tax holidays intended to simplify life for small businesses and eliminate barriers to growth.
According to Prime Minister Volodymyr’s Facebook Page, Ukrainian small businesses and entrepreneurs will soon benefit from a more business-friendly tax code. The proposed amendments to the tax code aim to simplify life for new businesses and eliminate the barriers that have prevented small and medium sized enterprises (SMEs) from developing.
Specifically, the amendments creates a:
- five year tax holiday for start-up small businesses.
- single-registry VAT compensation system.
- state fiscal service databases housed in Treasury.
Supported by business community
According to the Prime Minister, the amendments have the support of such business associations as:
- American Chamber of Commerce
- European Business Association
- Ukrainian Union of Entrepreneurs (SOUP)
- Council of the Business Ombudsman
- Ukrainian Union of Industrialists and Entrepreneurs
- Ukrainian Union of Entrepreneurs of Small and Medium Business Fortress
- Ukrainian Business Association
- Chamber of Commerce of Ukraine