Tax exemptions for IT sector will raise economy

Vice Prime Minister and Social Policy Minister Serhiy Tihipko is convinced that tax exemptions for IT companies will stimulate growth of one of the most perspective sectors of the Ukrainian economy. He has said about this commenting on adoption of the Law on making amendments to the tax code of Ukraine regarding special taxation regime for software industry by the Verkhovna Rada of Ukraine, the press service of the Vice Premier informs. “The majority of countries create certain preferences for their IT companies, which stimulate their development. Ukrainian IT companies are non-competitive de facto on the world market, since they pay too high taxes as compared to the companies in India and China. Reduced tax rates, proposed in the law, will allow improving this situation,” Tihipko believes. According to him, the volumes of export on the Ukrainian market of IT services made up about USD 1 billion by results of 2011.
Today, Ukraine ranks the fifth in the world by software export. The adopted law will allow doubling the volume of Ukrainian export of IT services in the nearest future. The whole economy will feel its positive influence,” 

the Prime Minister noted.

Source: NRCU