Ukrainian Tax Reform And Anti-Corruption Summit: economists discuss tax reform proposal

Partnership post

One of this year's key business events of the country, the Ukrainian Tax Reform And Anti-Corruption Summit, took place on March 23, 2023 at the Parkovyi Congress Center. The event was held under the patronage of the Office of the President and gathered more than 500 participants: world-class economic and tax experts, representatives of the Office of the President, leading Ukrainian companies and specialized associations.

The main topic of discussion at the summit was the proposed tax reform in Ukraine, which is currently being developed by the Office of the President and parliamentarians. The goal of the reform is to support Ukrainian business in wartime and create conditions for formalizing the economy and overcoming corruption in the tax system. The tax summit became a platform for discussions on the best global tax practices and the opportunities that the reform opens up for Ukraine.

At the beginning of the summit, guests were greeted by professor of economics, one of the founders of supply-side theory Arthur Laffer (USA). In his opinion, the best way for Ukraine is to introduce the lowest tax rate on the widest tax base. He also noted that it is necessary to carefully control excess government spending and ensure that the country has a stable currency. "Nothing can bring the economy to its knees like hyperinflation," says Arthur Laffer.

Deputy head of the Office of the President of Ukraine Rostyslav Shurma, the main initiator and author of the tax reform in Ukraine, spoke about the vision of the state's role in creating optimal conditions for doing business. According to him, currently four areas of legislative work have been identified: tax reform, simplification of obtaining permit documentation, rebooting the law enforcement and judicial system, as well as access to financing.

"I think no one has any doubt that the key role in the reconstruction of the country will be played by the private sector: business and entrepreneurs. And the question of how to attract them, how to win the global struggle and preserve entrepreneurial talent in Ukraine, certainly arises. We understand how to do it, and in the near future we will present our developments in each direction," notes Rostyslav Shurma.

According to the vice president of the Atlas Network think tank, libertarian writer and theoretician Tom Palmer, the tax reform can be a guarantee that Ukraine will be able to stand up and preserve its independence.

"Now we are in a global war for democracy, for people's right to live. And here in Ukraine, a turning point is being crossed. The courage of Ukrainians captivates the whole world. But to win this war, you need a strong economy. After all, let's be honest, you live in a dangerous environment — you have a genocidal dictatorship on your border," says Tom Palmer.

During the discussion panels, the summit participants discussed best practices regarding corporate income tax and value added tax, ways to overcome corruption and reduce regulatory pressure.

Speakers of the Ukrainian Tax Reform And Anti-Corruption Summit concluded that reducing tax pressure on Ukrainian businesses, which heroically saved jobs during the war, is an effective strategy for preserving the Ukrainian economy during the war and for the coming years of the country's recovery. The participants signed the corresponding official communique.

The NGO "Institute of Economic Leadership" and the NGO "Tribunal" acted as co-organizers of the summit.

Sponsors of the event: Atlas Network, KERNEL.

Partners: CEO Club Ukraine, MAINSTREAM, Club100, ASA, Board.

Media partner: LIGA.net