Natalie Jaresko Presented Vision of Ministry of Finance on Key Aspects of Public Finance Reforms

February 12, 2015 - The Minister of Finance Natalie Ann Jaresko held a meeting with leading Ukrainian and international investors – members of the American Chamber of Commerce in Ukraine. Ms. Jaresko presented the vision of her Ministry on the most important ways of public finance and tax policy transformations, as well as on developing the customs policy. In view of recent negotiations with the International Monetary Fund, the Minister outlined the steps necessary for increasing investment attractiveness of the country in 2015.

The representatives of the American Chamber of Commerce appealed to Ms. Jaresko with the number of proposals, including further dialogue on introducing stable and predictable taxation rules. The Chamber proposed to unite the efforts of the government and investors in developing fair rules of rent payment application to subsoil use. According to Chamber experts, increasing rent payments for subsoil use in oil, gas, condensate and iron ores extraction already forced companies to suspend programs of geological investigation. Continuing charge of these payments will hamper new projects, subsequently leading to investments outflow and decreasing the volumes of domestic gas production.

During the meeting Ms. Jaresko mentioned, that among the priorities of the Ministry’s work are: ensuring stability of banking sector, eliminating corruption in public finance, as well as conducting pension, customs and tax administration reforms until the end of 2015.

“I want to assure you that Ukraine has the most reform oriented President, Prime Minister and government it has ever had. And we invite you to walk this road of reforms with us”, - said Ms. Jaresko.

In his turn, Chamber Acting President Taras Kachka expressed his hope for further active cooperation between business and government in reforming taxation system: “American Chamber of Commerce agrees that reform of tax administration is a key element of building civilized taxation system, and success of all the economic novelties depends on the efficiency and transparency of tax bodies’ work. The Chamber is ready to fully support the Ministry in the work on tax administration reforms, and is ready to make all the efforts to ensure that new rules are convenient for business and guarantee investment attractiveness”.