OREANDA-NEWS. January 12, 2012. The current Tax Code encourages the domestic business to attract investments and to carry out modernization of production. This was stressed by the Prime Minister of Ukraine Mykola Azarov during meeting of the Government.

According to him, the Ukrainian economy needs investment resources and favorable investment climate for the implementation of full-scale modernization. In this context, Mykola Azarov emphasized that in Ukraine there are acting tax code stimulating for the business. He recalled that the income tax reduced from 25% to 23% last year and to 21% since 1 January this year.

"And we do this at a time when a number of European countries, by contrast, are forced to increase tax rates" - the Prime Minister underlined and added that the tax cuts were passed by the Government of Viktor Yanukovych in 2003, while income tax rate was reduced from 30% to 25% and personal income tax - to 13%.