09:27 24.09.2018

Tymoshenko backs replacement of profit tax by tax on distributed capital

1 min read
Tymoshenko backs replacement of profit tax by tax on distributed capital

Batkivschyna Party Leader Yulia Tymoshenko believes that changing the profit tax by the tax on distributed capital borrowing the experience of Estonia will be efficient.

"This tax [profit tax] is better, according to the experience of Estonia, to replace by a tax on distributed capital. However, we still have a discussion with business circles and business associations, how to take it, at what rate," Tymoshenko said when introducing the new economic policy in Kyiv on Friday, September 21.

She believes that the reduction of tax rates in Ukraine would not be effective for removing incomes from the shadows, and the tax policy should focus on changing the taxation base. This concerns the replacement of the single social security tax by the personalized pension system, as well as the replacement of the value added tax.

In general, Tymoshenko proposed eliminating these 37 quasi-taxes, pointing out the importance of retaining the simplified taxation system.

The politician said that she backs the expansion of functions of the National Bank of Ukraine (NBU), but she tilted at the existing policy of the central bank, saying that the current refinancing rate is high and stressing the necessity of cutting the credit rates for business.

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