The Ukrainian President signed the law on the state budget for 2014 on January 17, 2014. The draft law on the budget provides for changes to the country’s tax code. According to the draft the value-added tax rate will remain unchanged at 20 percent in 2014, while the corporate profit tax rate will be lowered to 18 percent, not to 16 percent as was foreseen in the Transitional Provisions of the Tax Code of Ukraine.
The draft budget, which was delayed by two months, was approved by Ukraine’s parliament on January 16 2014, and this budget law was due to come into force on January 22 2014.
