The President of Ukraine Vetoes the New Tax Code

Dec 01, 2010, 11:31 ET from Worldwide News Ukraine

KIEV, Ukraine, December 1, 2010 /PRNewswire/ -- The President of Ukraine Viktor Yanukovych vetoed the new Tax Code of Ukraine, adopted by Ukrainian Parliament on 18 November 2010. The document has caused thousands of Ukrainian businesspeople to strike for over a week now. Yanukovych decided to veto the Tax Code after visiting the tent city of the protesting entrepreneurs and holding an open discussion with them on Saturday.

"I share the concern of the people about the tax code restricting the rights of the entrepreneurs and disproportionately expanding the role of the tax administration," said the leader of Ukraine. "I am absolutely against such approaches; and through exercising the right of veto I return the Tax Code to the Parliament."

The President stressed that a working group for finalizing the Code is being created. The President stated that the document can be sent to the Parliament as early as Thursday, 2 December 2010. He made this statement at Kyiv-Boryspil International airport before departing for the OSCE summit in Astana.

"The Tax Code is due to become a transparent mechanism for refilling Ukrainian budget, movable force for modernization of the country," as reported in Yanukovych's statement at the official web-site of the President.

The protesting businesspeople were mostly concerned about the drastic changes that the new Tax Code would bring to the conditions of doing business under the so-called simplified tax system. The protesters urged the President to veto the document and by doing so protect their rights. Prior to vetoing the new Tax Code the President of Ukraine has spent more than an hour discussing the issue in person with the people gathered at Kyiv's main Independence square on 27 November 2010.

For more information, please contact Natalya Shulevskaya +380-633776645, Project Manager at Worldwide News Ukraine

SOURCE Worldwide News Ukraine