The President of Ukraine Vetoes the New Tax Code

KIEV, Ukraine, December 1, 2010 - The President of Ukraine Viktor Yanukovych vetoed the new Tax Code of
Ukraine, adopted by Ukrainian Parliament on 18 November 2010. The document
has caused thousands of Ukrainian businesspeople to strike for over a week
now. Yanukovych decided to veto the Tax Code after visiting the tent city of
the protesting entrepreneurs and holding an open discussion with them on
Saturday.

"I share the concern of the people about the tax code restricting the
rights of the entrepreneurs and disproportionately expanding the role of the
tax administration," said the leader of Ukraine. "I am absolutely against
such approaches; and through exercising the right of veto I return the Tax
Code to the Parliament."

The President stressed that a working group for finalizing the Code is
being created. The President stated that the document can be sent to the
Parliament as early as Thursday, 2 December 2010. He made this statement at
Kyiv-Boryspil International airport before departing for the OSCE summit in
Astana.

"The Tax Code is due to become a transparent mechanism for refilling
Ukrainian budget, movable force for modernization of the country," as
reported in Yanukovych's statement at the official web-site of the President.

The protesting businesspeople were mostly concerned about the drastic
changes that the new Tax Code would bring to the conditions of doing business
under the so-called simplified tax system. The protesters urged the President
to veto the document and by doing so protect their rights. Prior to vetoing
the new Tax Code the President of Ukraine has spent more than an hour
discussing the issue in person with the people gathered at Kyiv's main
Independence square on 27 November 2010.

For more information, please contact Natalya Shulevskaya +380-633776645
news@wnu-ukraine.com, Project Manager at Worldwide News Ukraine

For more information, please contact Natalya Shulevskaya +380-633776645 news at wnu-ukraine.com, Project Manager at Worldwide News Ukraine.