UKRAINIAN CABINET SUBMITS 'REVOLUTIONARY' TAX CODE DRAFT TO PARLIAMENT. The government has submitted a new tax code draft to the Supreme Council, the "Eastern Economist Daily" reported on 20 June. State Tax Administration head Mykola Azarov called the document "revolutionary." If the code is passed, Ukraine would have the lowest tax rates in Europe. The draft proposes lowering value-added tax to 17 percent in 2001 and to 15 percent in 2002. The proposed corporate income tax for 2001 is 25 percent (currently 30 percent), dropping to 20 percent in 2003. Personal income tax is currently within the 10-40 percent bracket and is to drop to 10-20 percent. Julian Berengaut of the IMF, who is currently visiting Kyiv, has warned that the proposed new code would reduce budget revenues too sharply. He urged the government to study the changes more carefully, according to AP. JM