KYIV, Sept 5 - Member companies of the European Business Association (EBA) hope that instead of bill No. 11416-d on raising taxes for business, the government will be able to formulate norms that will help fill the state budget in a different way, the association's press service reported on Thursday.

"The proposed tax hike would place the entire burden on honest businesses, which could have a devastating impact on both businesses and the country s economy. Transparent businesses would find themselves at an even greater disadvantage compared to those operating in the shadow economy. Unfortunately, this would make conditions for entrepreneurs even more unpredictable and could negatively influence investors decisions to continue operations or invest in Ukraine," the EBA said.