KIEV, Aug. 3 - The Cabinet of Ministers has published the draft Tax Code in the Uriadovy Kurier newspaper for public discussion.

The document defines the major state and local taxes and fees, as well as the principles of their administration.

The document foresees the reduction of VAT rates from 20% to 17% from January 1, 2014 (19% from January 1, 2012, and 18% from January 1, 2013). In addition, it is planned to cut the tax on enterprises' profit from 25% to 20% from January 1, 2014 (24% from January 1, 2012, 22% from January 1, 2013).