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Compromise has not yet been reached.
The European Business Association has called on Ukrainian lawmakers to show no support for the amendments to the Tax Code of Ukraine, otherwise Ukrainian companies could lose international markets.
"This will mean big losses for public companies, whose shares are listed on foreign exchanges. The question is that the maximum number of transparent and civilized businesses be heard, so that the conditions for doing business have not been distorted essentially in such a way. So that we don't lose gains we have received over the previous few years. There must be equal game rules for everyone," EBA Executive Director Anna Derevyanko said at a meeting of the tax ad hoc group on September 18, according to TV Channel 24.
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Despite this, the participants in the meeting have not yet reached a compromise.
As was earlier reported, bill No. 1210 introduced by Ukrainian MP Danylo Getmantsev was registered in the Verkhovna Rada, Ukraine's parliament. The document provides for fundamental changes in a tax base for calculating royalties for iron ore mining and processing enterprises. Namely, it is about the increase in royalties from 8% to 10% and the expansion of the tax base for technological processing products of such enterprises.
According to the poll by PricewaterhouseCoopers (PwC), changes to the Tax Code stipulated in Bill No. 1210 will make royalties, compared with commercial profit of enterprises, almost 10 times higher than those in Russia, and they will also exceed those in Australia, Brazil, and China.