KIEV, Dec. 17 – The Tax Code adopted by Parliament has some key problems, according to the World Bank.

"Some essential problems of the tax and administration policy remain… [and] the new tax privileges reduce the tax base for taxes on companies' profit and VAT," reads a World Bank statement.

According to the statement, the planned reduction in direct tax rates causes more difficulties from the fiscal point of view.

The bank experts also said that the Tax Code did not make use of opportunities to settle problems linked to the existing liberation from VAT payment and special regimes, which were ineffective in stimulating of the economic activity or cutting of product prices in the past.