Economy and politics
June 7, 2010Major tendencies for 2011 budget policy approved Verhovna Rada approved major tendencies for 2011 budget policy, which state that the budget deficit in 2011 will not exceed 4.5% of GDP. Public debt will tend to remain stable at less than 40% of GDP. Budgetary policy calls for taxation system reform, which implies a gradual decrease in the tax burden on taxpayers, a gradual increase in excise-duty rates, and the introduction of additional taxes on citizens with high incomes. Significant attention will be paid to increasing social standards.