Ukraine discusses tax reform with IMF to improve investment climate after war
Date
2/26/2023 4:29:15 AM
(MENAFN) Ukraine is in talks with the International Monetary Fund (IMF) to work on tax reform that could improve the investment climate in the country. Ukrainian Prime Minister Denys Shmyhal revealed in an interview with Forbes Ukraine that they are currently discussing the concept of a future tax reform with the IMF. The tax reform plan will be included in Ukraine's post-war reconstruction program and is expected to contribute to the improvement of the investment and business climate in the country.
Shmyhal clarified that there will be no immediate tax changes, at least revolutionary ones, while the active phase of the war in Ukraine is ongoing. At present, all tax payments made by businesses to the state budget are being utilized to finance Ukraine's security and defense forces. In January 2023, businesses and individuals transferred slightly over UAH 60 billion to the state budget while Ukraine spent UAH 100 billion on its security and army.
The Office of the President of Ukraine for Economic Affairs is also working on tax reform to eliminate corruption and create a level playing field for all market participants. Rostyslav Shurma, Deputy Head of the Office of the President of Ukraine for Economic Affairs, emphasized that the tax reform would ensure equal business conditions for all and contribute to the country's economic growth.
The proposed tax reform is expected to be a critical part of Ukraine's post-war recovery plan. By improving the investment climate and creating an equitable business environment, Ukraine hopes to attract more foreign investments and revive its economy. The ongoing discussions with the IMF signify Ukraine's commitment to implementing structural reforms that will help its economy recover and grow in the long run.
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