OREANDA-NEWS. On November 24, 2008 to minimize the impact of the world financial crisis on small and average business the State Committee on Regulatory Policy and Entrepreneurship has elaborated a draft law of Ukraine “On making amendments to certain legislative acts in terms of minimizing the outcomes of the financial crisis on the subjects of economical activity”.

The document contains a series of measures in taxation and other spheres of regulating of economics. In particular, it is proposed on legislative level to fix concluding of long-term contracts of lease of state and communal property at the term of not less than 5 years for the subjects of small business which will preserve the motivation of business to activity and will increase incomes to the state and local budgets.

The proposed changes to the law of Ukraine “On taxation of profits of enterprises” in the part of taxation of profits which is to be directed to reinvestment into production, renewal or modernization of capital funds at the low interests (15% against present 25%), will enable to up revolving fund of enterprises.

The draft law also comprises a proposition to abolish a series of local dues and taxes. Expenses for their administration exceed profits from them, while the conditions prove hard for the subjects of economy. It is also proposed to supplement the law on pension insurance with a new norm concerning possibility to install for three years the sum of overdued debt in pension payments, financial sanctions and fine for insurers-debtors.

The draft law has been considered in the VR committee on industrial and regulatory policy and entrepreneurship and is ready for consideration during the plenary Parliament’s sitting.