Ukraine almost doubles its position in Paying Taxes 2018 ranking

A reduction in the single social security tax in Ukraine to 22% has had the greatest influence on the country's position in the ranking, he said.

"A reduction in the single social security tax since 2017 has had the biggest impact on the improvement of [Ukraine's] positions in the rating. This has had a positive influence on the overall tax burden in Ukraine," Vlasov said while presenting the rating's results on November 21.

Read alsoUkraine gets four positions up in Doing Business 2018 rankingAccording to the results of the analysis, Ukraine has improved its position with such indicators as time for preparation and filing of tax reports (from 163rd to 159th place), ease of reporting (from 67th to 42nd place), and total tax payments (from 156th to 98th place).

"The study shows a clear trend across the world towards reduction of the amount of time businesses spend on tax accounting. Streamlining of reporting requirements and simplification of tax forms and invoices, abandoning hard-copy paperwork, and further automation of interaction between business and fiscal authorities should continue to be priorities for the Government in the tax sphere," Vlasov said.

As UNIAN reported earlier, Ukraine climbed by four positions in the World Bank's Doing Business 2018 ranking due to easier rules for construction permits, better safeguards for minority investors ensured by the publication of information on deals with related parties, as well as due to a reduction in a single social security tax rate.

Previously, the government projected that Ukraine might be among Top 50 of the Doing Business ranking, and among Top 20 in 2018. However, over 30 bills must be adopted to this end. Part of the draft laws have already been adopted by the Ukrainian parliament, while the others must be prepared by the government.