KIEV, Sept. 5 – The government plans to expand corporate tax cuts and to slap a real estate tax on large homes as part of amassive tax system overhaul that may make Ukraine a tax heaven.

The government on Friday unveiled its amended Tax Code bill that it wants to be approved by Parliament in September, before lawmakers vote on the 2011 budget draft.

“We will introduce low taxes, perhaps the lowest taxes in Europe,” Prime Minister Mykola Azarov said on Friday while presenting the Tax Code bill.

Parliament, led by the governing coalition, already approved the Tax Code in the first reading in June, but the bill unveiled by the government seeks ever greater tax cuts.