In Ukraine, the major part of the consolidated fiscal revenues is collected in the form of taxes, which account for 70% of total revenues. Key taxes are the value added tax (VAT), the tax on profits of enterprises (EPT), and the tax on the incomes of physical persons (PIT). In 2004 the shares of these taxes in consolidated tax revenues reached 26.5% for VAT, 25.6% for EPT and 20.9% for PIT. These three taxes together accounted for more than 70% of consolidated tax revenues and, therefore, forecasting them well is of crucial importance for the budget process.