Klymenko: Government decided to postpone reduction in VAT, cut profit tax to 18%

14:34, 18.12.2013 1 min read

The Ukrainian government at a meeting on Wednesday decided to postpone the reduction in value added tax (VAT) from 20% to 17% as envisaged by the Tax Code of Ukraine, and to reduce the tax on the profit of enterprises to 18% instead of the planned 16%, Income and Tax Minister Oleksandr Klymenko has said.

"Today we decided to lower the profit tax rate by 1% and postpone other rates until 2015," he said after a government meeting on Wednesday.