KIEV, Nov. 18 – President Viktor Yanukovych signed on Friday a law on amendments to the Tax Code and some other Ukrainian laws on the single taxation system.

The law cancels restrictions regarding taking into account expenses to buy goods (labor, services) from individuals-single taxpayers to gross expenses.

In addition, single tax rates for individuals are pegged to the size of minimum wage: for incomes up to 150 minimum wages the rate is 10% and for incomes up to 1,000 minimum wages it is 20%.

The tax rate for individuals with incomes up to 2,000 minimum wages the tax rate is set at 3% of income if value added tax is paid and 5% from income if value added tax is not paid.