New tax code to bring $2.5 bln out of shadow economy, Homutynnyk says

New tax code to bring $2.5 bln out of shadow economy, Homutynnyk says

The main goal of the new tax code is to create favorable conditions for the growth of any business, he says.
“On the one hand, we are cutting taxes. On the other hand, we will try to bring shadow cash flow back into the open. At present, 40% of Ukraine businesses operate in the shadow. It will earn the budget UAH 270-300 bln, but it’s a difficult task, the lawmaker admitted to The Delo.
As regards the big business, the code restricts the export of royalties. It also stops deliberate underestimation of gross costs. If the law is enforced properly, we will do away with illegal schemes of cheating the state, Homutynnyk said