Cabinet approves bill on tax compromise, says minister

14:59, 21.05.2014 1 min read

The government at a visiting cabinet meeting in Mykolaiv on Wednesday approved a draft law on a tax compromise, Economic Development and Trade Minister of Ukraine Pavlo Sheremeta has said.

"At a cabinet meeting we approved the draft law on the tax compromise to submit it to the parliament," he wrote on his Facebook page on Wednesday.

As reported, referring to First Deputy Income and Tax Minister of Ukraine Ihor Bilous said that the Cabinet of Ministers has prepared a bill on tax amnesty, according to which 15% of underestimated enterprises' income tax and VAT will be subject to obligatory payment to the budget, while the remaining 85% will be considered consistent. An amendment to the Tax Code, enshrining the notion "tax compromise," foresees that entrepreneurs will have to pay the relevant amount within 90 days. The law will apply to businesses and liabilities on income tax and VAT that occurred before January 1, 2014.