Ukraine has improved its ranking in the Doing Business-2020 ranking

Ukraine has improved its position in the World Bank’s ease rating of doing business by 7 points. In Doing Business-2020 Ukraine ranks 64th place out of 190 countries. According to the World Bank’s report, in the latest rating we have improved our figures by 6 out of 10 indicators, which were taken into account by the World Bank’s experts in making the rating.

According to the parameter “paying taxes” Ukraine is on 65th place. This indicator measures the level of tax burden and complexity of administration. For most of the individual parameters that were measured to determine this indicator, Ukraine should good results. In particular, the effectiveness and rapidity of the VAT refunds in our country - is at par with leading EU economies.

Herewith, Ukraine’s potential to improve its ranking in the tax sphere is far from exhausted. The STS sees improvement of the tax administration efficiency and reduced timing that business spends in order to complete filing of declarations and payment of taxes as the main source of such improvement. This will be facilitated by the laws that have already been adopted by the Parliament on the unification of the SSC reporting, personal income tax and a single tax billing account.