Further, the tax reform implies a significant increase from 1 January 2018, the requirements of the regime of simplified taxation, which creates a significant gap in the tax system of the country, according to the Memorandum of Ukraine with the International monetary Fund (IMF).

According to the text of the Memorandum published on the Foundation’s website on Tuesday, it planned to refrain from any significant cuts in taxes and exemptions from taxation and schemes of Amnesty.

In addition, we plan to refrain from the introduction of preferential taxation except for local property taxes for companies operating in the industrial zones.

According to the Memorandum, for effective harmonization of the accounting and payment of the single social contribution and tax on income of physical persons the relevant draft laws will be submitted to the Parliament for adoption before the end of April 2017 .

In addition, the expected approval by the Parliament before the end of December 2017 legislative act on provision of the State fiscal service (GFS) authority to use indirect methods of verification of performance of obligations on payment of taxes and social insurance contributions.

In addition, the Memorandum notes the need to legalize Ukrainian amber mining and gambling for extra revenues to the budget no later than 2018.

As highlighted in the text, the purpose of the reforms is to increase the efficiency and fairness of the tax system.