Ministry of Finance welcomes adoption of legislation package necessary to adopt state budget for 2016

12/24/15

The Ministry of Finance welcomes the adoption of a legislation package by the Parliament which is necessary to adopt the state budget of Ukraine for 2016.
The new legislation is meant to reduce the tax burden on business, to increase the effectiveness and accuracy of public spending through structure reforms in various areas where the state is present as well as to improve the quality of public services etc.
The adopted legislation package includes the following bills elaborated by the Ministry of Finance:

Draft Law No. 3688 «On amendments to the Tax Code of Ukraine and some other legislation of Ukraine in regard to securing balanced budget revenues in 2016»;
Draft Law No. 3629 «On amendments to the Budget Code of Ukraine (in regard to the adjustment of the regulations of the Budget Code to the respective amendments in the branch-related and tax legislation)»;

Draft Law No. 3689 «On amendments to Annex 3 to the Law of Ukraine "On the State budget of Ukraine for 2015" in regard to the expenditure of the Pension Fund of Ukraine»;
Draft Law No. 3533 «On measures to foster foreign trade activities»;
Draft Law No. 3627 «On amendments to the Law of Ukraine "On the management of state-owned objects" (in regard to the right to claim a part of the net profit (revenue)»;
Draft Law No. 3628 «On amendments to some legislation acts of Ukraine (in regard to the stabilization of the financial situation in the country and improvement of some social policy regulations)».

The adoption of the above legislation was necessary to balance the draft state budget the Parliament will be voting on after the inclusion of amendments which were proposed during the budget discussions at Parliamentary committees. The draft state budget is an important condition necessary to receive the next trance of the IMF and other financial aid linked to it. This financial support is aimed to secure stability, sustainability and economic growth for the country as well as for every citizen of Ukraine.
The compliance of the adopted legislation with the principles and objectives of the Extended Funding Facility will be analyzed by the IMF experts in a dedicated procedure.

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