KIEV, May 27 – The Finance Ministry has proposed a large-scale reform of the taxation system, revising the list of state taxes and local duties and foreseeing a cut in VAT and profit tax.

A draft concept for a three-stage reform of the Ukrainian tax system drawn up for the period until 2020, which is the second large-scale document on the reformation of taxation system in Ukraine, has been posted on the Web site of the Finance Ministry.