Ukraine's PM Reports on Economy Deregulation
Kyiv, March 23, 2012. As of today a new business entity may be registered in Ukraine within three days, said Ukrainian Prime Minister Mykola Azarov when visiting the Warsaw Stock Exchange in Poland. Ukrainian government actively pursues deregulation and works on reducing administrative impact on business, stated the prime minister.
The process of deregulation is expected to be finalized in a 1-1.5 years’ time, explained Azarov on his two-day state visit to the neighboring Poland. As of today Ukraine has already managed to cut the total number of state taxes in half. Corporate income tax was reduced from 25 to 21 percent. Next year it is expected to go down to 19 percent, and in 2014 – to 16 percent.
The time limit for allocation of land for construction, for example, has been reduced to maximum of 90 days. According to the high official, the Ukrainian government will stimulate businesses to work within the legal framework and pay due taxes.
Mykola Azarov also met with the Prime Minster of Poland Donald Tusk. The two prime ministers discussed the prospects of Polish-Ukrainian relations within Ukrainian declaration, which confirms the course towards the country’s integration with the European Union.
Donald Tusk also pointed out that both countries, which will host the EURO 2012 football championship the upcoming summer, were well-prepared for hosting the major sporting event. All the ongoing projects related to the championship will be finished within the next 10 weeks – in time to host the event, said Tusk. The high officials also discussed the issue of simplifying crossing the Polish-Ukrainian border during the championship, as well as improving the transport infrastructure in the two countries. It was mentioned that for the first time in history Poland and Ukraine were connected with such high-quality traffic infrastructure.
Ukraine and Poland have been closely cooperating in the past in the area of foreign policy and business. To continue both countries agreed to hold a meeting of the intergovernmental committee on trade and economic cooperation in May, 2012. The respective agreement was reached at the meeting between Ukrainian prime minister and representatives of major Polish businesses.