Representatives of the European Business Association are in favor of revising VAT rates, improving the functionality of the Electronic Sales Monitoring system and exemption from income tax on ferrous metal supplies for individuals
They voiced such proposals at a meeting with Finance Minister Victoria Belous and State Secretary of the Ministry of Finance Cristina Ixari, who presented the main priorities of the ministry and the actions that the Ministry of Finance will plan in the near future. At the same time, clarifications were given on the implementation of some laws, aspects of taxation and improving the functionality of information systems that facilitate the interaction of the Ministry of Finance, Customs Service and State Tax Service with the business environment. According to the Ministry of Finance, the members of the European Business Association (EBA) have formulated proposals to improve some essential aspects of companies' activities, touching, in particular, on: deduction of expenses for providing life insurance to employees by employers; revision of VAT rates; improvement of the functionality of the automated information system “Electronic Sales Monitoring” (MEV); exemption from income tax on the supply of ferrous metals for individuals; amendment of Article 117 paragraph (1) of the Tax Code, by clearly indicating the non-issuance of a tax invoice in cases of promotional campaigns for individuals. In this context, the head of the ministry, Victoria Belous, emphasized that the Ministry of Finance together with the Customs Service and the State Tax Service are open for cooperation with the business environment to increase transparency. She called on entrepreneurs to put forward as many proposals as possible to improve the regulatory framework, which will ensure transparency and stability of the business environment, as well as support the implementation of policies favorable to the development of a friendly business environment. // 20.09.2024 - InfoMarket
