MPs adopted the law reducing the Single Contribution to 16.4%

The Parliament passed the law that provides for reducing the amount of single social contribution from 41% to 16.4%.

The relevant law "On the reform of compulsory state social insurance and legalization of payroll" №1573 was supported by 268 deputies.

"This is one of the key bills… The current Single Contribution rate is 41%. This is excessive burden on wages and it does not encourage any employee or employer to the legalization of wages," – the Prime-Minister Yatsenyuk said.

He said that the government was willing to take the risk and significantly reduce the Single Contribution – to 16.4%.

However, he said, there are certain risks.

"In the event that international financial institutions have objections to this article, this rule is subject to revision," – the Prime-Minister said.

Ekonomichna Pravda