Finance ministry supports full revision of Ukraine's tax system

Ukraine needs a complete revision of its current tax system although any revision should not threaten the macro-stability and balanced national budget the country has achieved, Ukrainian Finance Minister Natalia Jaresko has said.

"The Ukrainian tax system should be completely revised, not simply to fill gaps. Citizens and businessmen should be confident in it," she tweeted on Thursday.

"Alternatives proposing only the reduction of taxes would increase the budget deficit and state debt, threatening the stability and restoration of the economy," she said.

Head of the Ukrainian Presidential Administration Borys Lozhkin said after a meeting with the International Monetary Fund (IMF) mission on Thursday that the Cabinet of Ministers is preparing a balanced draft national budget for 2016 which will be submitted to the Verkhovna Rada jointly with the draft tax reform before December 2015 after consultations with the IMF mission.

"A compromise between the Finance Ministry and the parliamentary committee for tax policy is to be found," he said.