The International Monetary Fund will review the final version of the Ukrainian bill on tax policy and administration to restore last year's provisions of the legislation, including those related to tax audits, International Monetary Fund (IMF) Resident Representative to Ukraine Vahram Stepanyan said
MOSCOW (Pakistan Point News / Sputnik - 10th July, 2023) The International Monetary Fund will review the final version of the Ukrainian bill on tax policy and administration to restore last year's provisions of the legislation, including those related to tax audits, International Monetary Fund (IMF) Resident Representative to Ukraine Vahram Stepanyan said.
"This law is very important for several reasons including to maintain the tax base and to level the playing field ... The deadline for this structural benchmark was reset from end-June to end-July 2023, to allow more time for discussion, adoption, and implementation. On June 30, the Rada adopted the legislation; we will review the final version of the law to assess its consistency with the agreed strategy which will determine whether the structural benchmark was met or not," Stepanyan said in an interview with Ukrainian news agency Ukrinform.
Stepanyan added that Ukraine should maintain a strong tax base, including by avoiding measures that could lead to its destruction.
On June 13, Danil Getmantsev, the head of the Ukrainian Parliament's finance committee said that starting July 1, Ukraine will abolish the 2% tax introduced last spring, which is an alternative to the country's general taxation system, however, the authorities changed their mind.
In January, the Ukrainian Cabinet of Ministers submitted to Ukraine's parliament a draft law proposing to cancel the tax incentives introduced last spring. The bill was submitted as part of Ukraine's obligations to the IMF.
In late November 2022, Ukrainian Prime Minister Denys Shmyhal said that Kiev and the IMF reached an agreement on the monitoring program with the involvement of the Board of Directors. In December, the head of the National Bank of Ukraine Andriy Pyshnyy said that the revision of the IMF monitoring program would take place in late February, its successful completion would allow access to expanded funding.
