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AmCham Ukraine Calls to Support Amendments to Tax Legislation Proposed by the Business Community

AmCham Ukraine Calls to Support Amendments to Tax Legislation Proposed by the Business Community

The business community, united by the American Chamber of Commerce in Ukraine, calls to support member companies' proposals to the Draft Law #4065 "On Amendments to the Tax Code of Ukraine and Other Laws of Ukraine to Ensure the Collection of Data and Information Required for the Declaration of Separate Objects of Taxation" during its consideration in the second reading. The proposals include improving the business environment, ensuring equal and transparent tax rules, and providing a gradual increase in certain tax rates.

Today, the business continues to operate in the global economic crisis caused by the COVID-19 pandemic, which has significantly affected Ukraine's economy and led to a significant decline in the country's economic and investment activity. The proposed changes will help improve tax administration, further digitize business processes, and meet commitments to implement certain EU Directives' provisions. Besides, AmCham member companies' experts propose to foresee a gradual increase of excise tax rates on tobacco-containing products for electric heating and cigarettes. According to the AmCham members, adopting the proposed changes to slow down the growth of excise tax rates and expand the schedule will increase excise tax revenues to the State Budget and be in line with European practice.

Given that the implementation of the proposed changes will help improve the conditions for doing business in Ukraine, AmCham calls to consider and support the provided proposals.

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