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 proposed decision will fall on honest companies.

At the same time, the EBA notes that in order to increase revenue for the state budget, combating Ukraine’s shadow economy is crucial. This includes decisions related to customs reform and effective work by law enforcement agencies, particularly the Economic Security Bureau. It is also worth reviewing the proposed mechanism for taxing the automotive market, assessing the fiscal effect of taxing transactions in the used car segment, strengthening the fight against gray schemes in electronic commerce.

According to the business association, the decision to increase taxes may not lead to an increase in budget revenue but to the curtailment of business, which will entail a negative consequence for Ukraine’s budget.

Earlier, the Ministry of Finance announced that it was necessary to find an additional ₴500B to meet critical needs by the end of the year.