Ukrainian President Petro Poroshenko has signed the bill amending the Tax Code regarding improvement of investment climate in Ukraine, according to a posting on the official website of the head of state.

"With the adoption of the law tax inspectorates in districts would turn from supervising and inspecting agencies into advisory agencies. This is important. We should see the tax inspection this way: when businessmen apply there and receives consultations. No more raids by masked police and no more corruption schemes," Poroshenko said.

The president said that now the regional tax inspectorates will have supervising functions. It would increase their expert knowledge and professionalism and considerably cut the number of inspections. Poroshenko also said that the newly created companies are exempted from any inspections for three years if their turnover is less than UAH 3 million.

"The important step is that we are transferring access to VAT refund registers to the Finance Ministry," the president said, adding that monopoly of the fiscal service in the issue is turning into the transparent and effective system when the Finance Ministry will be able to provide for effective and automated VAT refunding.

He said that absolutely different tax and investment climate is created with the steps to administrate profit tax, VAT, single social security tax, individual income tax and other taxes. The head of state expressed confidence that the quick implementation of the law would significantly improve investment climate in Ukraine.