On 24 December 2015, the Ukrainian Parliament adopted Law No. 3688, which includes a number of tax reform measures of the 2016 Budget. The main changes include:

• The 15% and 20% individual income tax rates are replaced with a flat 18% rate;
• The social security contribution based on payroll is unified with a single 22% contribution rate paid by employers, and the basis cap is set at 25 minimum m…