Ukrainian President Petro Poroshenko has urged not to increase tax rates as a part of the tax reform and proposed that they are gradually reduced in next three years.

"It is very important that this philosophy is used for several years. If we set 18% of profit tax for companies and individuals income tax for 2016, in 2017 the rate will be cut by 1%, and for 2018 the benchmark to reach no more than 20% of burden on the wage fund – around 10% of individuals income tax and 10% of single social security," the press service of the Ukrainian president reported.

As reported, the Finance Ministry in its draft tax reform proposed the concept of setting 20% for all tax rates, foreseeing the slight increase in current profit tax and individuals income tax to 20%, and retain value added tax at 20% and cutting single social tax to 20%.