Zelenskyy signs tax increases into law: How much more will the budget receive? President Volodymyr Zelenskyy signed a law on tax increases that are necessary to finance defense spending. The increases came into force on December 1. The total tax increases in 2024 will be about ₴... #TaxesUkraine #TaxIncrease #UkraineBudget2025 #UkraineBudgetRevenue #Zelenskyy
How have relocated Ukrainian businesses affected their new regions financially? Since the beginning of the full-scale war in Ukraine, an enterprise relocation program has existed. For the regions where these companies have moved, this means additional jobs and tax revenue. Accord... #BusinessRelocation #kyiv #TaxesUkraine #UkraineEconomy #Zakarpattia #Львів
The IMF criticizes the 50% tax rate on banks’ profits and advises Ukraine to increase its internal financing sources. The deputy head of the IMF mission in Ukraine, Trevor Lessard, noted that the introduction of a 50% tax on bank profits for the second year in a row contradicts the nature of taxing excess profits, un... #imf #TaxesUkraine #TaxIncrease #TrevorLessard #UkraineBanksProfits #UkrainianBanks
The IMF encourages Ukraine to make profound tax changes but not to raise rates. IMF experts unveiled their proposals for reducing Ukraine’s national debt as part of their recommendations. The IMF’s Deputy Director of the Fiscal Affairs department, , noted that their r... #EraDablaNorris #imf #TaxesUkraine #TaxIncrease #ukrainedebt #UkraineEconomicForecast #UkraineEconomy
Half of the economy, and ₴500B in taxes, are in the shadows, said the head of the Parliamentary Finance Committee, Danylo Hetmantsev. However, he specified that after measures taken by the state, this amount will decrease to ₴420-430B ($10B). At the same time, ... #DanyloHetmantsev #EuropeanIntegration #ShadowEconomy #TaxesUkraine #UkraineEconomy
The tax increase will bring a corresponding increase in Ukraine’s shadow economy. Because of the retrospective increase in taxes from October 1, businesses are transferring their workers to the shadow employment sector. This will increase the shadow economy by 10 percentage points,... #ShadowEconomy #TaxesUkraine #TaxIncrease #UkraineBudgetDeficit #UkraineEconomy
The Ukrainian Parliament approved a record tax increase. On October 10, the Verkhovna Rada adopted draft law No. 11416-d, enacting a historic tax increase. The document provides for: An increase in the military levy from 1.5% to 5%, except for the military ... #ReformsinUkraine #TaxesUkraine #TaxIncrease #UkrainianParliament
The Ministry of Finance explains the importance of the historic tax increase. All the tax revenue in the state budget is directed to the security and defense sector, but even that is not enough. The Ministry of Finance noted that the balance is covered through other sources, in... #BudgetDeficit #DefenseSpending #TaxesUkraine #UkraineBudget2024 #UkraineEconomy
The IMF will decide on the next tranche for Ukraine in the coming weeks but keeps insisting on mobilizing domestic revenues for critical expenses. The IMF Executive Board plans to consider the issue of approving the results of the EFF program’s fifth revision and the allocation of the next tranche to Ukraine within a few weeks, IMF spokesw... #imf #JulieKozack #TaxesUkraine #UkraineBudget #UkraineBudgetDeficit
The business community offers an alternative to increasing taxes in Ukraine. Members of the European Business Association hope that instead of drafting laws to raise taxes for businesses, the government can find other solutions to fund the budget, as the entire burden of the p... #EBA #ReformsinUkraine #TaxesUkraine #UkraineBudget2024 #UkraineBudgetDeficit #ukrainianbusiness
Given the war’s continuation, Ukraine will need up to $15B in additional funding next year. According to Finance Minister Serhiy Marchenko, Ukraine and the International Monetary Fund (IMF) estimate the country’s additional financial need for 2025 from Western partners at between $12B ... #imf #MilitaryLevy #SerhiyMarchenko #TaxesUkraine #UkraineBudget
The Ministry of Finance is ready for a compromise with the parliament regarding tax increases. According to Minister of Finance Serhii Marchenko, this strictly depends on the how the parliament plans to secure an additional ₴120B in revenue by the end of 2024. The Ministry of Finance has propos... #MilitaryLevy #PennyPritzker #SerhiyMarchenko #TaxesUkraine #UkraineBudget
The AmCham condemns the government’s initiatives to increase corporate income taxes. The American Chamber of Commerce in Ukraine (AmCham) called on Ukrainian authorities to strengthen their fight against Ukraine’s shadow economy before increasing the tax burden on honest taxpaye... #AmChamUkraine #DefenseSpending #TaxesUkraine #UkraineBudget2024
The government proposes increasing budget expenditures by more than ₴500B and raising taxes to obtain an additional ₴140B. Ukraine’s government approved changes to the state budget that include a proposed spending increase of ₴500.3B, of which ₴495.3B would be directed to the security sector and defense. The head of... #DefenseSpending #ExciseTaxesOnFuel #RoksolanaPidlasa #TaxesUkraine #UkraineBudget2024
Ukraine lacks ₴500B to finance planned expenditures this year, although the financial sector has increased tax payments by 170%. According to the head of the Budget Committee, Roksolana Pidlasa, to finance the necessary expenses, the state budget for 2024 lacks about ₴400-500B ($10-12B). The question of funding the state budget... #BudgetDeficit #RoksolanaPidlasa #TaxesUkraine #UkraineBudget2024 #UkraineBudgetRevenue
The Ukrainian parliament says that the government is preparing to raise taxes. Chairman of the Verkhovna Rada Committee on Finance Danylo Hetmantsev said that the Cabinet of Ministers is preparing proposals to raise certain taxes. This is because the Ministry of Defense needs an... #DanyloHetmantsev #TaxesUkraine #UkraineBudget2024 #UkraineBudgetDeficit #WarExpensesUkraine
Ukraine’s state budget revenues have been decreasing for four months in a row. In May 2024, the general fund of the state budget received ₴151.8B, which is less than in February, March, and April, the Ministry of Finance notes. According to the results from the five completed mo... #financialaidforUkraine #SupportUkraine #TaxesUkraine #ukrainebonds #UkraineBudget2024 #ukrainedebt
Ukraine plans to increase the excise duty on cigarettes, alcohol, and fuel to harmonize with EU norms. A schedule of annual rate increases until 2028 has been established for all excise goods. In particular, the excise tax on tobacco products will be equated to the euro, the tax rate will gradually inc... #ExciseDuty #ExciseTaxesOnFuel #TaxesUkraine #UkraineEconomy
Ukraine’s budget revenue increased by 65% in February, and the gambling industry increased its tax payments by 370%. The receipt of taxes, fees, and mandatory payments to the general fund of the state budget of Ukraine in February amounted to ₴184.8B, 65.4% more than in January, the Ministry of Finance reported. Rev... #gamblingukraine #TaxesToTheBudget #TaxesUkraine #UkraineBudget2024 #UkraineBudgetRevenue
Banks’ profit in January increased by 14%, analysts explained why. In January 2024, Ukrainian banks produced ₴16.7B in net profit, ₴2.068B or 14% more than in January 2023. Net profit increased despite the increase in the tax rate: In January 2023, banks paid 18% tax... #financeUkraine #TaxesUkraine #UkraineBanksProfits #UkrainianBanks
Last year, banks in Ukraine earned 100% more than before the beginning of the war and almost completely paid off their refinancing debts. In 2023, Ukrainian banks produced almost ₴160B in pre-tax profit, 100% more than before the start of the full-scale invasion. Banks will have to pay a tax of half their total profit – more than ... #financeUkraine #nbu #TaxesUkraine #UkraineBanksProfits #UkrainianBanks
Ukraine’s tax revenues exceed expectations by 30% due to sea exports. Tax revenues in Ukraine are now 25-30% higher than forecasted in the state budget, primarily due to the successful functioning of the export corridor created by Ukraine in the Black Sea, Minister of I... #MunichSecurityConference #OleksandrKubrakov #TaxesUkraine #TEN-TUkraine #UkraineBudget2024 #UkraineMaritimeCorridor
During the second year of the war, banks increased their profits by 300%. In 2023, solvent Ukrainian banks earned ₴86.5B in net profit. “This is almost four times higher than the figure for 2022 and 12% higher than the results of 2021, before the full-scale invasion,&... #nbu #TaxesUkraine #UkraineBanksProfits #UkrainianBanks
Ukraine has increased its budget revenues, but the deficit reaches 34% of all revenues. From January 1 to February 8, budget revenues increased by 26.9% compared to last year, the NBU reported. Without international financial aid, they increased by 60% due to a 70% increase in tax revenu... #BudgetDeficit #financeUkraine #nbu #TaxesUkraine #UkraineBudget2024 #UkraineBudgetRevenue #UkraineEconomy
State-owned companies must pay 80% of their profits in the form of dividends. The Cabinet of Ministers reported that the basic norm for deducting the share of profit directed to paying dividends for enterprises whose charter capital includes state corporate rights should be 80%... #Naftogaz #OschadbankUkraine #TaxesToTheBudget #TaxesUkraine #UkraineStateOwnedEnterprises #UkrainianRailways #Ukrnafta
Ukraine takes a risk with tax collection rates higher than the pre-war period. Tax and interest deductions from the economy for 2022-2023 in Ukraine doubled. For example, tax revenues to the consolidated budget have increased by 110% over the past two years, thanks mainly to rev... #BohdanDanylyshyn #TaxesUkraine #UkraineBudget #UkraineEconomy
Processing enterprises paid the most taxes for 10 months of the year. According to Ukraine’s Tax Service, such enterprises paid 18% of the total tax to the Consolidated Budget of Ukraine. Also, significant tax contributions were provided by: Wholesale and retail t... #ProcessingPlantUkraine #TaxesUkraine #UkraineBudget
This year, the tax on bank’s excess profits may be increased to 50%. The Ministry of Finance will initiate changes to the draft law that was passed in the first reading regarding the taxation of excess bank profits for additional revenues for the state budget next year... #financeUkraine #nbu #TaxesUkraine #UkraineBanksProfits #UkrainianBanks
The IMF advises Ukraine to optimize tax collection against a possible decrease in international financial support. As the head of the IMF mission, Gavin Gray, noted, this should be considered because the need to finance social expenditures will increase after the war’s end. “That’s why the author... #financialaidforUkraine #GavinGray #imf #ReformsinUkraine #TaxesUkraine
The NBU expects to attract an additional UAH 20B from an increased tax on bank profits. The regulator proposes to increase the bank profit tax rate from 18% to 38% for 2023-2024, NBU Chairman Andriy Pyshnyi said. According to him, this tax structure will have a limited impact on macro-fi... #AndriiPyshnyi #nbu #TaxesUkraine #UkraineBanksProfits #UkrainianBanks
The processing industry has become the leading budget contributor. Through the first seven months of the year, the industry paid 17.1% of taxes and fees collected from enterprises across all sectors, the Tax Service reported. Also, processing companies showed the hig... #DanyloHetmantsev #GamblingBusinessInUkraine #TaxesToTheBudget #TaxesUkraine
Ukrainian-founded crypto exchange platforms lead to billions in losses for the state budget. In the last ten years, the state budget has not received at least UAH 3B in taxes from crypto exchange activities, whose operations have not yet been regulated in Ukraine, said the Economic Security B... #BureauofEconomicSecurity #CryptoExchanges #TaxesUkraine
Almost all Ukrainian businesses resort to tax optimization schemes. 70% of Ukrainian companies are not satisfied with the current tax system, and up to 90% of enterprises resort to optimization schemes, shows a survey by the InfoSapiens agency. In total, 56% of respon... #10-10-10TaxModel #businessinukraine #TaxesToTheBudget #TaxesUkraine
Ukraine plans to restore pre-war taxation to implement their IMF program. In the first reading, the parliament supported changes to the Tax Code of Ukraine and other laws regarding the specifics of taxation during the martial law period. Their goal is to restore the taxatio... #businesstaxes #IMFprogramm #TaxesUkraine #taxreform
Trade and the mining industry are the highest taxpayers in Ukraine. In the first four months of the year, the consolidated budget received UAH 67.7B ($1.85B) in taxes, where 87.1% of all revenues, almost UAH 59B, originated from several branches of the national econom... #TaxesUkraine #TaxPayersUkraine #UkraineBudget #UkraineEconomy
The wholesale, retail, and processing industries are still among the largest taxpayers during the war. From January to October, the largest share of the payment of taxes, fees, and payments to the consolidated budget was contributed by enterprises in the following industries: wholesale and retail trade... #TaxesToTheBudget #TaxesUkraine #UkrainianEconomy
Just as the interview was posted, the Rada passed on first reading a tax amnesty. Valid for one year – from this July through July 1, 2022 – the amnesty would clear tax bills from assets voluntarily declared. The one-time tax schedule would be: 5% on declared assets inside Ukraine;... #Taxes #TaxesAmnesty #TaxesUkraine
