Ukraine Launches World’s First Virtual Business Country for Creative Economy – Diia City | News

KYIV, Ukraine, Sept. 23, 2020 /PRNewswire/ — Ukraine’s government has launched one of the most promising reforms to create a global IT hub in Ukraine. The project, called Diia City, provides for special digital residency with a particular taxation regime, intellectual property protection and simplified regulations. 

Ukrainian leadership intends to establish a comprehensive, liberal legal framework for the IT industry. President Volodymyr Zelenskyy urged the Cabinet of Ministers of Ukraine to design the legislation for Diia City – the world’s first virtual business country for the creative economy. Diia City implies a step change in current taxation, enforcement and judicial systems.

“The government and IT sector are now working together. We are drafting legislation to support the IT industry. And we assured the IT sector of sustained governmental support; for them, there would be no taxes above 5%. Cause we see Ukraine as a European intellectual hub for

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