In Focus (#01-02 January-February 2012)

Modest Praise

Amid weak fiscal conditions, low social welfare standards and the permanent crisis in the Euro zone, taxation is once again at the core of policy debate in our country. For the present, business argues for evidence of the new Tax Code that is already a “one year old” document. The period is probably too short for global conclusions to be drawn. However, some intermediate findings are definitely required at this stage.

The Ukrainian Tax Code became a bestseller at the very beginning of 2011. It is no wonder that its adoption was discussed and anticipated for many years. The Code provided reform through all dimensions of taxation in the country. Notwithstanding the achievements, some provisions caused huge resistance from the public, expert critics and non-acceptance. The tax authorities and their ways of administration remained a subject of complaint. But nobody can give satisfactory praise of the Ukrainian tax system for the entire period of its existence.

Numerous changes to the document that were proposed and adopted proved that policy decisions were made without sufficient evidence of their impact on businesses. As always, we are happy to give the floor to our practitioners to provide business and political decision makers with an independent view on the effects of tax policy implications over the past year.

The UJBL team wishes you
an enjoyable and peaceful
holiday season!

Olga Usenko

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