11:45 07.11.2013

Draft national budget for 2014 will be drawn up with postponement of VAT and profit tax rates reduction, says minister

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The Finance Ministry of Ukraine is drawing up a draft national budget for 2014 and considering a postponement of the reduction in the value added tax (VAT) and profit tax rates, Finance Minister Yuriy Kolobov told reporters.

He said that the draft national budget could be presented in the next two weeks – by November 20 – after the macroeconomic indicators are agreed with the International Monetary Fund (IMF).

"We support the idea [of a postponement in the reduction of VAT and profit tax rates], because if we look at it mathematically, this means a reduction in tax payments of around 25 billion," the minister said, not specifying the currency.

He said that at present, Ukraine is in consultations with the IMF on the macroeconomic indicators of the national budget for 2014.

"We're discussing this, and I cannot speak about [the indicators of the national budget for 2014]," the minister said.

"We're studying various options and various macroeconomic situations. It's too early to say now, but I think that in the next two weeks we'll have the clearer picture and we'll understand what we have to put into the budget."

Asked if the country can expect that the draft national budget for 2014 to be presented in the next two weeks, he said: "I think, it will."

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