Ministry of Finance did not analyze impact on economy of introduction of VAT for individual entrepreneurs

The Ministry of Finance has not analyzed the impact on the economy of the introduction of VAT for individual entrepreneurs.

The Ministry of Finance reported this in response to a request from the head of the Association of Private Employers Oleksandr Chumak, published by him on Facebook, the Ukrainian News agency reports.

In his request, Chumak asked to provide information related to modeling the consequences of the introduction of mandatory VAT registration for individual entrepreneurs.

It is about assessing the impact of such a decision on VAT revenues to the state budget, local budgets, the labor market, micro and small businesses, etc.

"The Ministry of Finance does not have any information on the issues raised in your request. If a draft law on the introduction of mandatory VAT registration for individual entrepreneurs is developed, it will be posted on the official website of the Ministry of Finance and submitted to the Cabinet of Ministers of Ukraine in the prescribed manner," the Ministry of Finance said in a response signed by Viktor Ovcharenko, director of the Ministry's Tax Policy Department.

As the Ukrainian News agency earlier reported, the Ministry of Finance said that VAT for individual entrepreneurs may be introduced no earlier than 2027.

As reported earlier, the introduction of VAT for individual entrepreneurs is a strict requirement from the International Monetary Fund