KIEV, Dec. 22 – The government on Tuesday submitted a compromise bill amending the Tax Code (No. 3688) on provision of the balance of budget revenues in 2016, which envisages setting a 22% single social security tax and revoking the 3.6% single social security tax imposed on salaries of employees, starting from 2016.

According to an explanatory note to the document, it is proposed that the upper limit for accruing social security tax is increased from 17 to 25 minimum monthly wages (around UAH 34,450).

As for personal income tax, it is proposed that a single basic rate of 18% is set instead of current 15% and 20%, and the 5% rate remains for dividends.