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Ukraine Ministry of Finance Publishes Draft Strategy for 2021 to 2023 for Consultation

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

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