Serhiy Syrovatka

Public finances is the art of passing moneyfrom one hand to another until it vanishes Robert SARNOFF, RCA president The National Bank of Ukraine (NBU) opposes combining national and local budget funds in a joint treasury account. NBU Governor Serhiy Tihipko called this cabinet decision a fatal...

The Cabinet of Ministers has received a guarantee from Verkhovna Rada that it will not fall before the presidential elections. Last Wednesday the parliament has approved the government program for 2004 with 239 votes (the necessary number being 226). Recall that last year’s program was supported by...

Various sources point to some 90% Ukrainians currently working in Russia as illegal immigrants, meaning they are not officially registered, pay no taxes, and that these people can hardly expect old-age pensions or anyone to defend their civil rights — even if some of them are paying into Russia’s...

The value added tax rate has not been lowered, making it the most shady one in Ukraine. A number of large domestic companies use various schemes to reduce losses incurred by VAT to a minimum; others resort to techniques allowing them to use VAT to make good money. Last year, VAT compensations to...

On March 1 the President of Ukraine signed an order that binds every Ukrainian enterprise to open a special value-added tax (VAT) bank account on July 1, 2004. The edict also says that the cabinet and the National Bank of Ukraine (NBU) should work out within five months a procedure by which...

The Cabinet of Ministers approved on March 3 the bill on establishing the Single Economic Space (SES). The document was immediately submitted to Verkhovna Rada for ratification. The governments of Ukraine, Russia, Belarus, and Kazakhstan had earlier decided to have the agreement ratified within the...

The Yanukovych government has against all odds set a new economic growth record. After lengthy recounts and revisions it has transpired that Ukraine’s GDP rose by 9.3% in 2003, thus outstripping by 0.3% the results of 2001, when the Yushchenko government achieved a 9% economic growth rate. Although...

The debate on the need for tax exemptions to boost the country’s declining hotel business has entered its final stage. The State Tourism Administration has insisted on supporting the hotel business, because its current state does not meet the requirements of the day. By contrast, the Ministry of...

The Ukrainian government appears to have developed a fancy for borrowing money on the world market. First Vice Premier Mykola Azarov stated that he regarded the placement of seven-year eurobonds worth $600 million at 6.875% annual interest as a good one, and that another such attempt would be made...

“Mr. Biloblotsky, what are the government’s priorities in trade relations with Russia for 2004?” “In general, the top priority is no doubt a free trade zone. This is not even the goal of our embassy, but a matter of state policy. We must agree on the final wording of the agreement this year. A...