Parliament to pass new tax initiatives in 2021

They refer to taxation in the agricultural sector, a major part of which now remains in the shadow.

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Head of the Verkhovna Rada Committee on Finance, Tax and Customs Policy Danylo Getmantsev says the parliament will adopt a number of new initiatives on taxes in 2021.

"We'll be definitely fighting against the 'shadow' [economy] in all its manifestations in all spheres, so our new legislative initiatives will be aimed at this," the Segodnya newspaper quoted Getmantsev as saying on December 14.

In particular, Getmantsev mentioned the so-called tax on the set income. This refers to the taxation in the agriculture sector, a major part of which now remains in the shadow. The relevant bill has already been submitted to Parliament, pending consideration.

Read alsoUkraine, Austria resolve double taxation issueGetmantsev also made a comment regarding the so-called tax on Google.

"We're simply adjusting the existing tax collection system to force multinational corporations to pay taxes in Ukraine. Now, for some reason, advertising on the Internet remains untaxed, while taxes are collected for outdoor billboards," he summed up.

Background

On December 1, Ukraine's State Tax Service (STS) said the growth rate of total tax revenue collected by the Service for 11 months of 2020, according to rough estimates, stood at 10.7%. Thus, the STS collects taxes more actively.

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