Tax reform: what Verkhovna Rada voted for

The new Tax Code reduces the number of taxes from 22 to 9, extends the high rental rates for large businesses, introduces a two-year moratorium on inspections of small and medium-sized enterprises. It was stated by Prime Minister Yatsenyuk in the Verkhovna Rada.

Earlier parliament passed a bill №1578 of changes to the Tax Code and other laws of Ukraine on tax reform.

With regard to the taxation of big business, according to Yatseniuk, "unanimously supported the decision to extend all the high rates that are today on the taxation of rent for oil, gas and other minerals."

In addition, it is planned to introduce transfer pricing for large businesses, "which now is not able to hide their income and their profits in offshore areas."

Concerning the taxation of income tax for individuals, the new Tax Code introduces the taxation of so-called passive income, such as dividends, interest, royalties, "It's fair and square. We raise the tax rate for passive income - interest, royalties and investment income from 15 to 20%."