KIEV, Oct. 27 – The International Monetary Fund insists on a less drastic cut in profit tax than that foreseen in the draft Tax Code passed by Parliament at first reading, according to Vitaly Khomutynnyk, the head of Parliament's committee for tax and customs policy.

"The rates are being cut. However, the IMF demands that the rates should not be so drastically reduced as we are planning, therefore there will be discussions with the IMF… as how much the rates should be cut," Khomutynnyk said.