B&E | 2016 Budget Package: What It Means for Ukraine’s Economy

The 2016 “budget package” approved by Ukraine’s Parliament in the end of December represents a step in the right direction, for it notably lowers the taxation of salaries and redistributes significant resources from the public sector to the private sector. However, it should be viewed as just a first step forward with broad reform agenda remaining in the budget-related sectors and beyond.

By Olena Bilan
Chief Economist at Dragon Capital, a member of the Editorial Board of VoxUkraine

The 2016 “budget package” approved by Ukraine’s Parliament in the end of December represents a step in the right direction, for it notably lowers the taxation of salaries and redistributes significant resources from the public sector to the private sector. However, it should be viewed as just a first step forward with broad reform agenda remaining in the budget-related sectors and beyond.

B&E | 2016 Budget Package: What It Means for Ukraine’s Economy

Key Changes to Tax Legislation

On December 24, the Verkhovna Rada approved a package of laws critical for disbursement of the third IMF loan tranche of $1.7bn out of $17bn Extended Fund Facility and related official financing of $2.3bn. The so called “budget package” includes the 2016 budget bill with a deficit target of 3.7% of GDP, amendments to the tax code, and several other laws aimed at launching structural reforms in budget-related sectors.

Ukraine Economic Update : October 2015

The most important changes to tax legislation include:

  • a reduction of the employer-paid social security contribution (SSC) rate to 22% from 41% on average;
  • cancellation of the employee-paid SSC (3.6% before);
  • a flat personal income tax rate of 18% (vs. 15%/20% before);
  • cancellation of the special VAT regime for agricultural companies and concurrent reinstatement of grain export VAT refunds with a transition period in 2016;
  • a reduction in gas extraction taxes;
  • cancelation of 5-10% import surcharges;
  • increases in fuel, tobacco and alcohol excise taxes of up to 13%, 40% and 50-100%, respectively;
  • slightly tightened eligibility criteria for simplified taxation and a marginal increase in the respective tax rates
Table 1: Comparison of Key Tax Rates

Table 1: Comparison of Key Tax Rates

Notes: *15% for incomes below the UAH 12,180 threshold (10 minimum salaries), 20% for incomes above that threshold, half of minimum salary set at UAH 1,218/month is not taxed for wages below 1.4*minimum salary; **half of minimum salary set at UAH 1,378/month for 2016 is not taxable for wages below 1.4*minimum salary; ***average of 70+ different rates. Sources: Verkhovna Rada, Finance Ministry, author estimate

Lower Salaries Taxation

In terms of major tax rates, the new levels are close to the government’s initial proposal of equalizing all rates at 20%. However, the new legislation achieved less than what the government aimed at in terms of tax base expansion, in particular, with respect to limiting tax evasion through the use of simplified taxation. Still, approved tax changes and overall packages represent a step in the right direction, particularly with respect to reducing the excessive taxation of salaries, which stimulated widespread under-the-table pay, as well as with concurrently broadening the tax base (though on a smaller scale than necessary).

The Doing Business survey ranks Ukraine among the top-5 countries with the heaviest labor taxation burden on business globally, along with France, Belgium, China and Italy. We estimate the aforementioned employer SSC cut and cancellation of the employee SSC will reduce the tax burden on salaries (tax wedge under OECD terminology) from 43% to 34% [1], making Ukraine more attractive in this respect than the Czech Republic, Slovak Republic or Poland, not to mention the developed EU states.

Figure 1:  Tax Burden on Salaries* in OECD Countries and Ukraine (2014)

Figure 1:  Tax Burden on Salaries* in OECD Countries and Ukraine (2014)

As a result, the overall tax burden on business will ease substantially. Using the Doing Business methodology, the total tax rate paid by an average Ukrainian company would drop by a third (or 18pp) to 34% of commercial profit [2], below the global average of 40.8% and many CEE peers including Poland, Romania, Hungary and others. As a result, Ukraine’s position in Doing Business’ paying taxes sub-ranking may improve by 50 places to 58th.

 Figure 2: Tax Burden on Business According to 2016 Doing Business (based on 2014 data; % of commercial profit*)

Figure 2: Tax Burden on Business According to 2016 Doing Business (based on 2014 data; % of commercial profit*)

Resources Reallocation

The lower SSC rate will create around UAH 100bn (4.4% of GDP) shortfall in general government revenues [3], assuming no positive effect from legalization of salaries. As other changes to tax legislation approved by Parliament will have only slight positive impact on the budget, on our estimates; most of the revenue shortfall caused by SSC rate reduction is set to be offset by introduced spending-side measures laying the foundation for deeper structural reforms in the inefficient and corruption-prone spheres such as social assistance, healthcare and education. Thus, the new legislation will effectively reallocate some 3.0-4.0% of 2016 expected GDP from the public to the private sector.

Such reallocation will be supportive for Ukraine’s economy, as the public sector usually uses economic resources less efficiently than the private sector, which is especially true for countries with weak institutions. Companies seeing their earnings increase thanks to lower taxation could use these additional resources in several ways. They could increase employee salaries, thereby supporting final consumption. They could de-shadow their business activity by legalizing gray salaries, thus returning at least a portion of the additional resources to the state budget. For loss-making companies (a majority in Ukraine these days), a lower tax burden would help them continue in a tough economic environment without severe cost and/or production cuts. At the same time, profitable companies would be able to reinvest in more efficient production, though some may also decide to stash additional profits abroad.

Despite some potential for salary legalization, this process is likely to be extended in time given the low level of trust in public institutions in Ukraine and no new penalties having been introduced for salaries paid under the table. Thus, the bulk of reallocated resources will likely stay within the private sector, supporting economic activity. It is hard to estimate how exactly these resources will be used by private companies. Given the difficult economic conditions and deteriorating external environment, most local businesses hardly have additional investment in their near-term plans. Thus, in the short term, the reallocation of resources will support economic activity mostly by enabling local business to avoid severe cost cuts (although the capital account may also deteriorate marginally as some companies may prefer to keep more funds abroad), while in the medium-term perspective it should be conducive to higher investment and consumption.

Eminent Step Forward, But Far From Sufficient

While the 2016 “budget package” carries positive implications for the Ukrainian economy, it should be viewed as only a first step forward. Deep structural reforms in budget-related sectors are needed to improve the efficiency of budget spending. The reform agenda includes, but is not limited to, the introduction of means-tested social assistance, overhaul of the healthcare and education sectors, and reform of the unsustainable pension system. Without these measures, any further reduction in the tax burden can only come only at the cost of a wider fiscal deficit and macroeconomic instability.

There is much more to be done elsewhere. While the SSC rate cut will boost Ukraine’s position in one of Doing Business’s nine components, it will change the business environment only marginally, improving Ukraine’s overall ranking (83rd out of 189 countries in the latest 2016 survey) by a mere 4 spots. The tax burden is a far smaller problem for local and international businesses compared to corruption and weak protection of property rights. Indeed, measuring the distance to the best performer in the 2016 Doing Business survey (so called distance to frontier), Ukraine fares well on the ease of starting a business (94% to frontier), getting credit (75%) and paying taxes (71%) but performs poorly when it comes to resolving insolvency or protecting minority investors. Thus, even with the most liberal tax system in the world Ukraine would hardly manage to attract significant investment without making progress in other critical areas such as contract enforcement, corporate governance, and access to electricity.

Figure 3: Ukraine’s Distance to Frontier (DTF)* in Doing Business Categories (2014)

Figure 3: Ukraine’s Distance to Frontier (DTF)* in Doing Business Categories (2014)

The author doesn't work for, consult to, own shares in or receive funding from any company or organization that would benefit from this article, and have no relevant affiliations

Notes

[1] The calculation for Ukraine is based on an average gross salary of UAH 4,000 per month. Under new tax rates, total labor costs equal to UAH 4,880 = UAH 4,000+22% employer SSC *UAH 4,000. Net take-home pay equals to UAH 3,220 = UAH 4,000 – 18% personal income tax) *UAH 4,000-1.5% war tax* UAH 4,000-0% employee SSC*UAH 4,000. Tax wedge equals to UAH 1,660=UAH 4,880-UAH 3,220. Tax burden equals to 34%=UAH 1,660/UAH 4,880.

[2] According to the World Bank, in 2014 statutory employer SSC rate for an average Ukrainian company stood at 38.2% and represented 43% of that company’s commercial profit http://www.doingbusiness.org/data/exploreeconomies/ukraine#paying-taxes.New employer SSC rate of 22% will thus translate into 24.8% of commercial profit (22*43/38.2). With other taxes unchanged and representing 9.1% of commercial profit (employee SSC and personal income tax are not included in calculation), tax burden on business declines from 52% to 34%.


[3] According to Finance Ministry calculations, 1 percentage point cut in SSC rate reduces budget revenues by UAH 5.0bn. http://www.minfin.gov.ua/uploads/redactor/files/567038854c68e.pdf. According to Social Policy Minister Rozenko, approved cut in SSC rate to 22% will cause UAH 100bn drop in revenues. http://economics.unian.ua/finance/1226391-rozenko-zapevnyae-scho-vidilenih-groshey-vistachit-dlya-stabilnoji-roboti-pensiynogo-fondu.html

Source: VoxUkraine
Name

-51,1,3D Technology,2,5G,10,Abkhazia,2,Abortion Laws,1,Academics,10,Accidents,21,Activism,1,Adani Group,5,ADB,13,ADIZ,1,Adults,1,Advertising,31,Advisory,2,Aerial Reconnaissance,13,Aerial Warfare,35,Aerospace,5,Afghanistan,88,Africa,113,Agile Methodology,2,Agriculture,20,AI Policy,1,Air Crash,10,Air Defence Identification Zone,1,Air Defense,7,Air Force,29,Air Pollution,1,Airbus,5,Aircraft Carriers,5,Aircraft Systems,5,Al Nusra,1,Al Qaida,4,Al Shabab,1,Alaska,1,ALBA,1,Albania,2,Algeria,3,Alibaba,1,American History,4,AmritaJash,10,Antarctic,1,Antarctica,1,Anthropology,7,Anti Narcotics,12,Anti Tank,1,Anti-Corruption,4,Anti-dumping,1,Anti-Piracy,2,Anti-Submarine,1,Anti-Terrorism Legislation,1,Antitrust,2,APEC,1,Apple,3,Applied Sciences,2,AQAP,2,Arab League,3,Architecture,3,Arctic,6,Argentina,7,Armenia,30,Army,3,Art,3,Artificial Intelligence,83,Artillery,2,Arunachal Pradesh,2,ASEAN,12,Asia,70,Asia Pacific,23,Assassination,2,Asset Management,1,Astrophysics,2,ATGM,1,Atmospheric Science,1,Atomic.Atom,1,Augmented Reality,8,Australia,57,Austria,1,Automation,13,Automotive,131,Autonomous Flight,2,Autonomous Vehicle,3,Aviation,63,AWACS,2,Awards,17,Azerbaijan,16,Azeri,1,B2B,1,Bahrain,9,Balance of Payments,2,Balance of Trade,3,Balkan,10,Balochistan,2,Baltic,3,Baluchistan,8,Bangladesh,28,Banking,53,Bankruptcy,2,Basel,1,Bashar Al Asad,1,Battery Technology,3,Bay of Bengal,5,BBC,2,Beijing,1,Belarus,3,Belgium,1,Belt Road Initiative,3,Beto O'Rourke,1,BFSI,1,Bhutan,13,Big Data,30,Big Tech,1,Bilateral Cooperation,19,BIMSTEC,1,Biography,1,Biotechnology,4,Birth,1,BISA,1,Bitcoin,9,Black Lives Matter,1,Black Money,3,Black Sea,2,Blockchain,32,Blood Diamonds,1,Bloomberg,1,Boeing,21,Boko Haram,7,Bolivia,6,Bomb,3,Bond Market,2,Book,11,Book Review,24,Border Conflicts,11,Border Control and Surveillance,7,Bosnia,1,Brand Management,14,Brazil,105,Brexit,22,BRI,5,BRICS,20,British,3,Broadcasting,16,Brunei,3,Brussels,1,Buddhism,1,Budget,4,Build Back Better,1,Bulgaria,1,Burma,2,Business & Economy,1214,C-UAS,1,California,5,Call for Proposals,1,Cambodia,7,Cameroon,1,Canada,56,Canadian Security Intelligence Service (CSIS),1,Carbon Economy,9,CAREC,1,Caribbean,10,CARICOM,1,Caspian Sea,2,Catalan,3,Catholic Church,1,Caucasus,9,CBRN,1,Cement,1,Central African Republic,1,Central Asia,82,Central Asian,3,Central Eastern Europe,48,Certification,1,Chad,2,Chanakya,1,Charity,2,Chatbots,2,Chemicals,7,Child Labor,1,Child Marriage,1,Children,4,Chile,10,China,581,Christianity,1,CIA,1,CIS,5,Citizenship,2,Civil Engineering,2,Civil Liberties,5,Civil Rights,2,Civil Society,5,Civil Unrest,1,Civilization,1,Clean Energy,5,Climate,67,Climate Change,25,Climate Finance,2,Clinical Research,3,Clinton,1,Cloud Computing,44,Coal,6,Coast Guard,3,Cocoa,1,Cognitive Computing,13,Cold War,5,Colombia,15,Commodities,4,Communication,11,Communism,3,Compliance,1,Computers,40,Computing,1,Conferences,1,Conflict,109,Conflict Diamonds,1,Conflict Resolution,48,Conflict Resources,1,Congo,2,Construction,5,Consumer Behavior,4,Consumer Price Index,5,COP26,4,COP28,1,COP29,1,Copper,2,Coronavirus,107,Corporate Communication,1,Corporate Governance,4,Corporate Social Responsibility,4,Corruption,4,Costa Rica,2,Counter Intelligence,15,Counter Terrorism,81,COVID,9,COVID Vaccine,6,CPEC,8,CPG,4,Credit,2,Credit Rating,1,Credit Score,1,Crimea,4,CRM,1,Croatia,2,Crypto Currency,17,Cryptography,1,CSTO,1,Cuba,7,Culture,5,Currency,8,Customer Exeperience,1,Customer Relationship Management,1,Cyber Attack,7,Cyber Crime,2,Cyber Security & Warfare,116,Cybernetics,5,Cyberwarfare,16,Cyclone,1,Cyprus,5,Czech Republic,3,DACA,1,DARPA,3,Data,9,Data Analytics,36,Data Center,2,Data Science,2,Database,3,Daughter.Leslee,1,Davos,1,DEA,1,DeBeers,1,Debt,13,Decision Support System,5,Defense,12,Defense Deals,8,Deforestation,2,Deloitte,1,Democracy,22,Democrats,2,Demographic Studies,2,Demonetization,6,Denmark. F-35,1,Denuclearization,1,Diamonds,1,Digital,39,Digital Currency,2,Digital Economy,11,Digital Marketing,7,Digital Transformation,11,Diplomacy,14,Diplomatic Row,4,Disaster Management,4,Disinformation,2,Diversity & Inclusion,1,Djibouti,2,Documentary,3,Doklam,2,Dokolam,1,Dominica,2,Donald Trump,48,Donetsk,2,Dossier,2,Drones,14,E-Government,2,E-International Relations,1,Earning Reports,4,Earth Science,1,Earthquake,8,East Africa,2,East China Sea,9,eBook,1,ECB,1,eCommerce,11,Econometrics,2,Economic Justice,1,Economics,43,Economy,109,ECOWAS,2,Ecuador,4,Edge Computing,2,Editor's Opinion,54,Education,67,EFTA,1,Egypt,27,Election Disinformation,1,Elections,44,Electric Vehicle,15,Electricity,7,Electronics,9,Emerging Markets,1,Employment,19,Energy,316,Energy Policy,28,Energy Politics,27,Engineering,24,England,2,Enterprise Software Solutions,8,Entrepreneurship,15,Environment,47,ePayments,13,Epidemic,6,ESA,1,Ethiopia,3,Eulogy,4,Eurasia,3,Euro,6,Europe,14,European Union,234,EuroZone,5,Exchange-traded Funds,1,Exclusive,2,Exhibitions,2,Explosives,1,Export Import,6,F-35,6,Facebook,9,Fake News,3,Fallen,1,FARC,2,Farnborough. United Kingdom,2,FATF,1,FDI,5,Featured,1382,Federal Reserve,2,Fidel Castro,1,FIFA World Cup,1,Fiji,1,Finance,18,Financial Markets,59,Financial Planning,1,Financial Statement,2,Finland,5,Fintech,14,Fiscal Policy,14,Fishery,3,Five Eyes,1,Floods,2,Food Security,27,Forces,1,Forecasting,3,Foreign Policy,13,Forex,4,France,33,Free Market,1,Free Syrian Army,4,Free Trade Agreement,1,Freedom,3,Freedom of Press,1,Freedom of Speech,2,Frigate,1,FTC,1,Fujairah,97,Fund Management,1,Funding,22,Future,1,G20,10,G24,1,G7,4,Gaddafi,1,Gambia,2,Gaming,1,Garissa Attack,1,Gas Price,23,GATT,1,Gaza,13,GCC,11,GDP,14,GDPR,1,Gender Studies,3,Geneal Management,1,General Management,1,Generative AI,8,Genetics,1,Geo Politics,105,Geography,2,Geoint,14,Geopolitics,9,Georgia,12,Georgian,1,geospatial,9,Geothermal,2,Germany,71,Ghana,3,Gibratar,1,Gig economy,1,Global Perception,1,Global Trade,96,Global Warming,1,Global Water Crisis,11,Globalization,3,Gold,2,Google,20,Gorkhaland,1,Government,128,Government Analytics,1,GPS,1,Greater Asia,175,Greece,14,Green Bonds,1,Green Energy,3,Greenland,1,Gross Domestic Product,1,GST,1,Gujarat,6,Gulf of Tonkin,1,Gun Control,4,Hacking,4,Haiti,2,Hamas,10,Hasan,1,Health,8,Healthcare,72,Heatwave,2,Helicopter,12,Heliport,1,Hezbollah,3,High Altitude Warfare,1,High Speed Railway System,1,Hillary 2016,1,Hillary Clinton,1,Himalaya,1,Hinduism,2,Hindutva,4,History,10,Home Security,1,Honduras,2,Hong Kong,7,Horn of Africa,5,Housing,16,Houthi,12,Howitzer,1,Human Development,32,Human Resource Management,5,Human Rights,7,Humanitarian,3,Hungary,3,Hunger,3,Hydrocarbon,3,Hydrogen,5,IAEA,2,ICBM,1,Iceland,2,ICO,1,Identification,2,IDF,1,Imaging,2,IMEEC,2,IMF,76,Immigration,19,Impeachment,1,Imran Khan,1,Independent Media,72,India,665,India's,1,Indian Air Force,19,Indian Army,7,Indian Nationalism,1,Indian Navy,27,Indian Ocean,24,Indices,1,Indigenous rights,1,Indo-Pacific,7,Indonesia,20,IndraStra,1,Industrial Accidents,4,Industrial Automation,2,Industrial Safety,4,Inflation,10,Infographic,1,Information Leaks,1,Infrastructure,3,Innovations,22,Insider Trading,1,Insurance,3,Intellectual Property,3,Intelligence,5,Intelligence Analysis,8,Interest Rate,3,International Business,13,International Law,11,International Relations,9,Internet,53,Internet of Things,35,Interview,8,Intra-Government,5,Investigative Journalism,4,Investment,33,Investor Relations,1,IPEF,1,iPhone,1,IPO,4,Iran,205,Iraq,54,IRGC,1,Iron & Steel,4,ISAF,1,ISIL,9,ISIS,33,Islam,12,Islamic Banking,1,Islamic State,86,Israel,145,ISRO,1,IT ITeS,136,Italy,10,Ivory Coast,1,Jabhat al-Nusra,1,Jack Ma,1,Jamaica,3,Japan,91,JASDF,1,Jihad,1,JMSDF,1,Joe Biden,8,Joint Strike Fighter,5,Jordan,7,Journalism,6,Judicial,4,Justice System,3,Kanchin,1,Kashmir,8,Kaspersky,1,Kazakhstan,26,Kenya,5,Khalistan,2,Kiev,1,Kindle,700,Knowledge Management,4,Korean Conflict,1,Kosovo,2,Kubernetes,1,Kurdistan,8,Kurds,10,Kuwait,7,Kyrgyzstan,9,Labor Laws,10,Labor Market,4,Land Reforms,3,Land Warfare,21,Languages,1,Laos,2,Large language models,1,Laser Defense Systems,1,Latin America,82,Law,6,Leadership,3,Lebanon,10,Legal,11,LGBTQ,2,Li Keqiang,1,Liberalism,1,Library Science,1,Libya,14,Liechtenstein,1,Lifestyle,1,Light Battle Tank,1,Linkedin,1,Lithuania,1,Littoral Warfare,2,Livelihood,3,Loans,9,Lockdown,1,Lone Wolf Attacks,2,Lugansk,2,Macedonia,1,Machine Learning,8,Madagascar,1,Mahmoud,1,Main Battle Tank,3,Malaysia,12,Maldives,13,Mali,7,Malware,2,Management Consulting,6,Manpower,1,Manto,1,Manufacturing,16,Marijuana,1,Marine Biology,1,Marine Engineering,3,Maritime,50,Market Research,2,Marketing,38,Mars,2,Martech,10,Mass Media,29,Mass Shooting,1,Material Science,2,Mauritania,1,Mauritius,2,MDGs,1,Mechatronics,2,Media War,1,MediaWiki,1,Medical,1,Medicare,1,Mediterranean,12,MENA,6,Mental Health,4,Mercosur,2,Mergers and Acquisitions,18,Meta,2,Metadata,2,Metals,3,Mexico,14,Micro-finance,4,Microsoft,12,Migration,19,Mike Pence,1,Military,112,Military Exercise,10,Military Service,2,Military-Industrial Complex,3,Mining,16,Missile Launching Facilities,6,Missile Systems,57,Mobile Apps,3,Mobile Communications,12,Mobility,4,Modi,8,Moldova,1,Monaco,1,Monetary Policy,6,Money Market,2,Mongolia,11,Monkeypox,1,Monsoon,1,Montreux Convention,1,Moon,4,Morocco,2,Morsi,1,Mortgage,3,Moscow,2,Motivation,1,Mozambique,1,Mubarak,1,Multilateralism,2,Mumbai,1,Muslim Brotherhood,2,Mutual Funds,1,Myanmar,30,NAFTA,3,NAM,2,Namibia,1,Nanotechnology,4,Narendra Modi,2,NASA,13,National Identification Card,1,National Security,5,Nationalism,2,NATO,34,Natural Disasters,16,Natural Gas,33,Natural Language Processing,1,Nauru,1,Naval Base,5,Naval Engineering,24,Naval Intelligence,2,Naval Postgraduate School,2,Naval Warfare,50,Navigation,2,Navy,23,NBC Warfare,2,NDC,1,Nearshoring,1,Negotiations,2,Nepal,12,Netflix,1,Neurosciences,7,New Delhi,4,New Normal,1,New York,5,New Zealand,7,News,1276,News Publishers,1,Newspaper,1,NFT,1,NGO,1,Nicaragua,1,Niger,3,Nigeria,10,Nikki Haley,1,Nirbhaya,1,Non Aligned Movement,1,Non Government Organization,4,Nonproliferation,2,North Africa,23,North America,54,North Korea,59,Norway,5,NSA,1,NSG,2,Nuclear,41,Nuclear Agreement,32,Nuclear Doctrine,2,Nuclear Energy,4,Nuclear Fussion,1,Nuclear Propulsion,2,Nuclear Security,47,Nuclear Submarine,1,NYSE,1,Obama,3,ObamaCare,2,OBOR,15,Ocean Engineering,1,Oceania,2,OECD,5,OFID,5,Oil & Gas,383,Oil Gas,7,Oil Price,73,Olympics,2,Oman,25,Omicron,1,Oncology,1,Online Education,5,Online Reputation Management,1,OPEC,129,Open Access,1,Open Journal Systems,1,Open Letter,1,Open Source,4,OpenAI,2,Operation Unified Protector,1,Operational Research,4,Opinion,695,Opinon Poll,1,Optical Communications,1,Pacific,5,Pakistan,181,Pakistan Air Force,3,Pakistan Army,1,Pakistan Navy,3,Palestine,24,Palm Oil,1,Pandemic,84,Papal,1,Paper,3,Papers,110,Papua New Guinea,2,Paracels,1,Partition,1,Partnership,1,Party Congress,1,Passport,1,Patents,2,PATRIOT Act,1,Peace Deal,6,Peacekeeping Mission,1,Pension,1,People Management,1,Persian Gulf,19,Peru,5,Petrochemicals,1,Petroleum,19,Pharmaceuticals,14,Philippines,19,Philosophy,2,Photos,3,Physics,1,Pipelines,5,PLA,2,PLAN,4,Plastic Industry,2,Poland,8,Polar,1,Policing,1,Policy,8,Policy Brief,6,Political Studies,1,Politics,53,Polynesia,3,Pope,1,Population,6,Portugal,1,Poverty,8,Power Transmission,6,President APJ Abdul Kalam,2,Presidential Election,30,Press Release,158,Prison System,1,Privacy,18,Private Equity,2,Private Military Contractors,2,Privatization,1,Programming,1,Project Management,4,Propaganda,5,Protests,13,Psychology,3,Public Policy,55,Public Relations,1,Public Safety,7,Publications,1,Publishing,7,Purchasing Managers' Index,1,Putin,7,Q&A,1,Qatar,114,QC/QA,1,Qods Force,1,Quad,1,Quantum Computing,4,Quantum Physics,4,Quarter Results,2,Racial Justice,2,RADAR,2,Rahul Guhathakurta,4,Railway,9,Raj,1,Ranking,4,Rape,1,RBI,1,RCEP,2,Real Estate,6,Recall,4,Recession,2,Red Sea,5,Referendum,5,Reforms,18,Refugee,23,Regional,4,Regulations,2,Rehabilitation,1,Religion & Spirituality,9,Renewable,18,Report,4,Reports,50,Repository,1,Republicans,3,Rescue Operation,2,Research,5,Research and Development,25,Restructuring,1,Retail,36,Revenue Management,1,Rice,1,Risk Management,5,Robotics,8,Rohingya,5,Romania,2,Royal Canadian Air Force,1,Rupee,1,Russia,318,Russian Navy,5,Saab,1,Saadat,1,SAARC,6,Safety,1,SAFTA,1,SAM,2,Samoa,1,Sanctions,6,SAR,1,SAT,1,Satellite,14,Saudi Arabia,130,Scandinavia,6,Science & Technology,396,Science Fiction,1,SCO,5,Scotland,6,Scud Missile,1,Sea Lanes of Communications,4,SEBI,3,Securities,2,Security,6,Semiconductor,20,Senate,4,Senegal,1,SEO,5,Serbia,4,Services Sector,1,Seychelles,2,SEZ,1,Shadow Bank,1,Shale Gas,4,Shanghai,1,Sharjah,12,Shia,6,Shinzo Abe,1,Shipping,11,Shutdown,2,Siachen,1,Sierra Leone,1,Signal Intelligence,1,Sikkim,5,Silicon Valley,1,Silk Route,6,Simulations,2,Sinai,1,Singapore,17,Situational Awareness,20,Small Modular Nuclear Reactors,1,Smart Cities,7,Smartphones,1,Social Media,1,Social Media Intelligence,40,Social Policy,40,Social Science,1,Social Security,1,Socialism,1,Soft Power,1,Software,7,Solar Energy,16,Somalia,5,South Africa,20,South America,48,South Asia,474,South China Sea,36,South East Asia,77,South Korea,63,South Sudan,4,Sovereign Wealth Funds,1,Soviet,2,Soviet Union,9,Space,46,Space Station,2,Spain,9,Special Education,1,Special Forces,1,Sports,3,Sports Diplomacy,1,Spratlys,1,Sri Lanka,24,Stablecoin,1,Stamps,1,Startups,43,State of the Union,1,Statistics,1,STEM,1,Stephen Harper,1,Stock Markets,23,Storm,2,Strategy Games,5,Strike,1,Sub-Sahara,4,Submarine,16,Sudan,5,Sunni,6,Super computing,1,Supply Chain Management,48,Surveillance,13,Survey,5,Sustainable Development,18,Swami Vivekananda,1,Sweden,4,Switzerland,6,Syria,112,Taiwan,32,Tajikistan,12,Taliban,17,Tamar Gas Fields,1,Tamil,1,Tanzania,4,Tariff,4,Tata,3,Taxation,25,Tech Fest,1,Technology,13,Tel-Aviv,1,Telecom,24,Telematics,1,Territorial Disputes,1,Terrorism,77,Testing,2,Texas,3,Thailand,11,The Middle East,654,Think Tank,317,Tibet,3,TikTok,2,Tobacco,1,Tonga,1,Total Quality Management,2,Town Planning,3,TPP,2,Trade Agreements,14,Trade War,10,Trademarks,1,Trainging and Development,1,Transcaucasus,20,Transcript,4,Transpacific,2,Transportation,47,Travel and Tourism,15,Tsar,1,Tunisia,7,Turkey,74,Turkmenistan,10,U.S. Air Force,3,U.S. Dollar,2,UAE,140,UAV,23,UCAV,1,Udwains,1,Uganda,1,Ukraine,113,Ukraine War,26,Ummah,1,UNCLOS,7,Unemployment,2,UNESCO,1,UNHCR,1,UNIDO,2,United Kingdom,83,United Nations,28,United States,765,University and Colleges,4,Uranium,2,Urban Planning,10,US Army,12,US Army Aviation,1,US Congress,1,US FDA,1,US Navy,18,US Postal Service,1,US Senate,1,US Space Force,2,USA,16,USAF,22,USV,1,UUV,1,Uyghur,3,Uzbekistan,13,Valuation,1,Vatican,3,Vedant,1,Venezuela,19,Venture Capital,4,Vibrant Gujarat,1,Victim,1,Videogames,1,Vietnam,25,Virtual Reality,7,Vision 2030,1,VPN,1,Wahhabism,3,War,1,War Games,1,Warfare,1,Water,17,Water Politics,7,Weapons,11,Wearable,2,Weather,2,Webinar,1,WeChat,1,WEF,3,Welfare,1,West,2,West Africa,19,West Bengal,2,Western Sahara,2,Whales,1,White House,1,Whitepaper,2,WHO,3,Wholesale Price Index,1,Wikileaks,1,Wikipedia,3,Wildfire,1,Wildlife,3,Wind Energy,1,Windows,1,Wireless Security,1,Wisconsin,1,Women,10,Women's Right,14,Workers Union,1,Workshop,1,World Bank,38,World Economy,32,World Peace,10,World War I,1,World War II,3,WTO,6,Wyoming,1,Xi Jinping,9,Xinjiang,2,Yemen,28,Yevgeny Prigozhin,1,Zbigniew Brzezinski,1,Zimbabwe,2,
ltr
item
IndraStra Global: B&E | 2016 Budget Package: What It Means for Ukraine’s Economy
B&E | 2016 Budget Package: What It Means for Ukraine’s Economy
The 2016 “budget package” approved by Ukraine’s Parliament in the end of December represents a step in the right direction, for it notably lowers the taxation of salaries and redistributes significant resources from the public sector to the private sector. However, it should be viewed as just a first step forward with broad reform agenda remaining in the budget-related sectors and beyond.
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlxG6G8w31SBWa4ezF96rN-P369wWAyyaQVmKg6NaYOcebQDbiOrjBUIQiXg37-TGd4INtEd5Hl6D-wbI6y2LFm9f085ElQI11N4zlSYrTX0Q_shNii5E7CwgGSt9mjVNTxjH7MNlaNYBZ/s640/UKRAINA.jpg
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlxG6G8w31SBWa4ezF96rN-P369wWAyyaQVmKg6NaYOcebQDbiOrjBUIQiXg37-TGd4INtEd5Hl6D-wbI6y2LFm9f085ElQI11N4zlSYrTX0Q_shNii5E7CwgGSt9mjVNTxjH7MNlaNYBZ/s72-c/UKRAINA.jpg
IndraStra Global
https://www.indrastra.com/2016/01/BE-2016-Budget-Package-What-it-means-for-Ukraine-Economy-002-01-2016-0079.html
https://www.indrastra.com/
https://www.indrastra.com/
https://www.indrastra.com/2016/01/BE-2016-Budget-Package-What-it-means-for-Ukraine-Economy-002-01-2016-0079.html
true
1461303524738926686
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content