Simplified Taxation System Restored

President Viktor Yuschenko signed legislation that will reinstate the simplified taxation system for entrepreneurs. Under this system, entrepreneurs with a turnover of up to USD 100,000 can pay 6% (with VAT) or 10% of tax (without VAT). Concorde Capital: Restoring the simplified taxation system in full will benefit small and medium-sized business development. In March 2005, the government imposed numerous restrictions on the kinds of business activities that could take advantage of the simplified taxation system. The restrictions were unpopular among entrepreneurs, especially small business.