The Ukrainian government announced it was bringing into the Verkhovna Rada the law updating  Tax Code.

If made effective, this law will raise additional 60 billion hryvnas in revenues, said the Ukraine’s finance minister Serhiy Marchenko.

Under a proposed law the new tax revenues will be sourced by bringing absolute tax rates in line with actual macroeconomic indicators.

The government believes the policy will help to address tax evasion schemes, illegal currency operations, and unreported income coming from land use and sales of agricultural products. It also aims to ‘increase efficiency’ of natural resources taxation and license fees.

The Ukrainian PM Denys Shmygal stressed that the government ‘do not raise general state taxes for people or businesses, and the changes will not affect small and medium-sized businesses’ adding that ‘we are filling the loopholes   in  Tax Code that allowed big business not to pay taxes in Ukraine’.

The proposed law is not pending approval by the Verkhovna Rada.