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Ukraine: Kuchma Seeks To Protect Investors' Tax Breaks

Kyiv, 13 June 1997 (RFE/RL) -- Ukranian President Leonid Kuchma said today that he will try to persuade parliament to approve legislation that would preserve tax and tariff breaks for foreign investors.

The parliament (Verkhovna Rada) yesterday voted down two programs that would have maintained privileges for foreign companies that invested in Ukrainian enterprises.

A law that takes effect July 1 will deprive investors of tax breaks unless parliament changes the legislation beforehand.

Since gaining independence, Ukraine has attracted very little foreign investment to stimulate economic growth. Foreign investors blame the country's slow reform of tax and regulatory systems.