Ukraine

President emphasizes the importance of introducing a tax on withdrawn capital, which will stimulate the development of the economy

The Head of State assured of his resolve to introduce such an approach and said that specialists from Estonia, Latvia, Georgia, Italy had been involved in the preparation of that bill.

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During a meeting with students and professors of the National University of Bioresources and Environmental Management of Ukraine, President Petro Poroshenko discussed the issues of stimulation and development of agro-industrial science and education. The Head of State noted that it was necessary to treat taxes in a responsible manner and stressed the inappropriateness of the populist approach “everything to all”. At the same time, he explained his position on taxation in terms of income tax, in particular in agribusiness.

“If populists came to you, they would say they would cut taxes, or eliminate them altogether and raise salaries. This is the course of the populists: everything to all. And nothing else. It does not work,” Petro Poroshenko said.

At the same time, the Head of State informed that his bill on the tax on withdrawn capital had already been registered. “Income tax. As long as we crucially need development, remove this tax. We should have one criterion – a tax on withdrawn capital. What you invested in production, in science, in technology, in salary – zero taxation. What you withdrew: royalty, dividends, interest – pay. And it’s fair,” the President said adding that “it’s like adrenaline that stimulates development”. At the same time, according to him, this is being resisted.

The Head of State assured of his resolve to introduce such an approach and said that specialists from Estonia, Latvia, Georgia, Italy had been involved in the preparation of that bill. “They have it, why will it not work in Ukraine?” the President noted. At the same time, he emphasized that such an approach “resolves not only the stimulation of science, but also resolves the issue of tax accounting” and leads to a significant simplification of business, in particular in the agro-industrial complex.

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