The main innovation of the new Tax Code is a significant reduction of the tax burden on business that will attract investment, according to the Department of Information and Mass Communications of the Secretariat of the CMU. Prime Minister Mykola Azarov outlined this during the presentation of the draft Tax Code.

«We must reduce the tax burden on business, and maximally liberalize the tax legislation, but taxes must be paid by everybody who according to the Tax Code has to pay», noted the Head of the Government, and added: «We will set low taxes, probably the lowest taxes in Europe».

According to Mykola Azarov, the Government is to simplify significantly tax administration, as well as abandon inefficient taxes. The Prime Minister said that the Government is building the atmosphere of trust between the Tax Service and business: «But we say clearly that everybody should pay these reduced taxes».

«This approach should provide strong incentives for innovative development, attracting investment into our country, and this in turn will lead to the creation of new jobs that will facilitate the growth of budget revenue and improve the welfare of the people», emphasised Mykola Azarov.