Ukraine needs to continue cooperation with the International Monetary Fund (IMF), otherwise, the country already in 2019 is threatened with defaults, according to a notice published on the website of the Ministry of Finance of the country. In addition, the condition is the obligation of companies to pay an advance of 50% of the amount of the tax obligation in the income tax in 2018. The press center indicated this. Ministry of Finance of Ukraine.
The IMF agreed with the introduction of NnVK in the Ukrainian state, only for companies with annual revenues of up to 200 million UAH and provided they have to pay 50% of the amount of tax obligations for income tax for 2018 in advance.
According to S.Kahkonen, the proposal Ministry of Finance of Ukraine Replacement of income tax with a tax on retired capital for companies with profits of up to 200 million UAH. – This is a way to reduce budget losses.
"This model of taxation has been discussed with the IMF and after difficult negotiations, it has been agreed as much as possible," the Ministry informed. With all of this, Ukraine may receive a tranche under the new program with the Fund only if a balanced budget is approved.
The ministry added that in 2019 Ukraine must pay at least UAH 400 million in debts.
To avoid this, Ukraine has to abandon the steps that will lead to a decrease in revenues or an increase in the cost of the budget. Thus, according to estimates of the finance minister, the direct losses of the budget in the case of taxes on capital withdrawn for all existing taxpayers on profits from January 1 next year will amount to 46.7 billion UAH.
Both the head of the finance minister, Oksana Markarova, as the head of the tax commission, Nina Yuzhanina, agreed that the abolition of income tax and the imposition of a retired capital tax is an important step for the business. With all this, the law discussed in the Verkhovna Rada, which provides for the introduction of a tax on retired capital instead of income tax, can put at risk the stability of the country's financial system, according to the department.
At the same time, by the end of June, Prime Minister Vladimir Groisman argued that the ill-considered taxation of a retired capital tax could lead to a financial crisis.