Yanukovych vetoes Ukrainian national tax code, urges improvements

© RIA Novosti . Andrei Mosienko / Go to the photo bankUkrainian President Viktor Yanukovych
Ukrainian President Viktor Yanukovych - Sputnik International
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Ukrainian President Viktor Yanukovych vetoed the country's controversial tax code on Tuesday following severe criticism and mass protests against it, and urged the government to prepare new amendments before December 2.

Ukrainian President Viktor Yanukovych vetoed the country's controversial tax code on Tuesday following severe criticism and mass protests against it, and urged the government to prepare new amendments before December 2.

"I've imposed a veto on the tax code," Yanukovych said after an extraordinary meeting at Boryspol Airport with the economic branch of the government.

The tax code was adopted by the Ukrainian parliament on November 18 as part of a national tax reform, but the Ukrainian opposition said it would contest it as a threat to small and medium business.

"We should draw the conclusion that some paragraphs of the code need improvement. I would like to hear your [proposals] on this," Yanukovych said at the beginning of the meeting.

Currently small- and medium-sized businesses play a flat tax of 200-600 hryvnyas ($20-75) a month, allowing them to avoid dealing with often corrupt tax officials. Under the new code, all businesses will have to file complex, itemized returns, regardless of their size, which the government says will bring the country extra revenue during economic slumps.

Yanukovych called on the government to outline the improvements by Thursday. "Everything that concerns the rights of commodity producers, business, [exact paragraphs where] these rights are violated, everything that, in your view, needs improvement," he said.

"I will consider [the amendments] on Thursday and if they are in line with the principles of the tax code, I will sign them and send to the parliament," the Ukrainian president said.

KIEV, November 30 (RIA Novosti)

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