The Ukrainian parliament plans to complete reforming the Ukrainian tax system by 1 January 1998 replacing VAT with a sales tax by approving a timetable for enacting major tax laws. The main points of the reform including limiting overall redistribution of national wealth through taxation to 45% of GNP, reducing the Chernobyl fund contribution from 12 to 6%, scrapping the Innovation, Conversion and Disabled protection funds contributions, new land tax payment rules, lower road maintenance tax. It is proposed to limit the aggregate tax liability of enterprises to 40% of annual profits. (Resolution of the Parliament of 13 December 1995).
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