Finance ministry proposes boosting terms for switching to taxation of income of group B taxpayers from three to four years

The Finance Ministry of Ukraine has proposed that the terms for switching to taxation of income of businessmen using the simplified taxation scheme from three to four years, according to the presentation of the tax reform by Finance Minister of Ukraine Natalie Jaresko posted on the ministry's website.

Jaresko said the ministry proposed that the taxation within the simplified taxation scheme is changed from taxation of turnover to taxation of profit. It is proposed that the switch to the new rules will be slower. The coefficient that defines expenses of taxpayers from group B will be 0.85 in 2016 and 2017, 0.65 – in 2018 and 0.45 – in 2019.