The Ukraine Ministry of Finance has published its draft Strategy for 2021 to 2023 for consultation. The draft Strategy contains 5 main areas:

• Prudent Financial and Debt Policies. Improving Ukraine's image among international investors;
• Tax Incentives for Economic Development;
• New Human Resources Policy and Digitalization in the State Tax Service;
• De-shadowing; and
• Improving the Efficiency of Budget Expenditures

With respect to Tax Incentives for Economic Development, the draft strategy includes:

• The introduction of a single form of tax reporting on Personal Income Tax and Single Social Contribution tax by 2021;
• The write-off of fines, penalties, and debt that are considered uncollectable;
• The automatic refund of tax overpayments to taxpayers (without taxpayer's application);
• The introduction of a compensatory VAT rate on transactions for the supply of intermediate agricultural goods; and
• Tax benefits, which include:
  • stimulating the renewal of capital assets by deferring the payment of VAT on imports of production equipment not produced in Ukraine (year 2021); and
  • exempting from taxation the share of corporate profits spent on investment

Comments and suggestions on the draft Strategy can be sent by e-mail until 25 June to strategy@minfin.gov.ua