KIEV, Dec. 5 – The Economy Ministry has proposed halving the unified tax on small-sized enterprises that use the simplified taxation system.

The ministry suggests cutting value-added tax (VAT) from 6% to 3% for companies that are registered as VAT payers and from 10% to 5% for those who are not registered VAT payers, reads the draft bill on the simplified taxation system, accounting and reporting for small-sized companies. The ministry published the draft bill on Friday.

The ministry did not change the requirements for those using the simplified taxation system: the number of personnel should not exceed 50 people and annual turnover UAH 1 million.