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Economy 2019-10-12T04:03:24+03:00
Ukrainian news
Rada Decriminalizes Fictive Entrepreneurship

Rada Decriminalizes Fictive Entrepreneurship

Verkhovna Rada, decriminalization, fictive entrepreneurship

The Verkhovna Rada of Ukraine has decriminalized fictive entrepreneurship.

A total of 347 parliamentary members backed respective bill 1080, when 226 votes were enough to pass the decision, the Ukrainian News Agency reports.

The document offers to exclude from the Penal Code of Ukraine Article 205, which declares criminally liable the establishment or acquisition of economic entities (legal entities) aimed at disguising illegal activity or provision of prohibited types of activities.

The bill also provides for raising the amounts of actual shortfall of taxes, fees and other mandatory payments to the state budget to detect features of bodies of criminal offences envisioned by Article 2012 of the Penal Code of Ukraine.

According to the document, pursuant to Article 2012 of the Penal Code, significant size of outstanding payments to the state budget is the amount exceeding a tax-exempt minimum personal income 3,000 - 5,000 times (UAH 51,000 – UAH 85,000), large amount – 5,000 times and more (UAH 85,000 – UAH 119,000); especially large – 7,000 times and more (from UAH 119,000).

In compliance with the explanatory note, the adoption of the bill will lower the administrative pressure on business, introduce more humane model of responsible for tax dodging.

As Ukrainian News Agency earlier reported, on September 10, the Verkhovna Rada adopted the law on decriminalization of fictive entrepreneurship.

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