The Cabinet of Ministers of Ukraine at a meeting on Monday approved a bill on the optimization of tax legislation, which foresees cutting the number of taxes from 23 to 9, Chairman of the State Service for Regulatory Policy and Development of Entrepreneurship Mykhailo Brodsky has reported.

"Today [on October 15] the Cabinet of Ministers decided to reserve only nine kind of tax, instead of twenty three. It'll reduce administration and reporting," Brodsky wrote on his blog on Monday.

As Deputy Premier and Social Policy Minister Sergiy Tigipko reported earlier, a bill that has already been sent to the Justice Ministry foresees cutting the number of tax report forms from 115 to 22, and reducing the number of tax payments from 184 to 48 per year.

Moreover, the bill envisages the simplification of tax invoices, the introduction of a procedure for the e-declaration and electronic payment of dues, as well as the cancellation of the practice of tax invoicing.