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Ukrainian President proposes introduction of wealth tax

September 03, 2015, 22:55 UTC+3 KIEV

Poroshenko described the target policy that should crown the reforms as the one stimulating economic growth

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© Mikhail Palinchak / TASS

KIEV, September 3. /TASS/. Ukraine's President Pyotr Poroshenko said on Thursday the country needed a tax on wealth and luxuries, the presidential press service said.

"The head of state expressed the opinion that the introduction of a tax for wealth and luxuries is necessary," it indicated.

He said it at a session of the National Council for Reforms that discussed reforming of the taxation system.

Poroshenko described the target policy that should crown the reforms as the one stimulating economic growth.

"This reform is to produce a taxation system that will be clear for the taxpayers, easy in administration and adaptable to the requirements of the European Union," he said.

Poroshenko gave a special focus to taxation of small and medium-sized businesses, adding that the simplicity of administration for this category of taxpayers should continue relying on a flat rate tax as such.

"It's important to guarantee the absence of novelties introduced retroactively," he said. "It's important to calm down the business sphere, our entrepreneurs."

"We'll conduct a decent, open and transparent dialogue with business people," Poroshenko said.

He also promised the authorities would see to it that the reforms do not bring about cutdowns in social payments and particularly pensions.

"We shouldn't reform our taxes at the expense of the retired people and socially vulnerable sections of the population," Poroshenko added.

He stressed the presence of numerous problems in the business sphere that were to be resolved, saying they were the instability of taxation laws, the big fiscal burdens on the wage funds, and the blooming shadow economy and contraband that put diligent taxpayers into an a priori uncompetitive position.

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