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.

It is noted that the already agreed upon tax rate for “surplus profits of banks,” adopted by the Ukrainian Parliament in the first reading, may undergo drastic changes. So, instead of paying 36% of the 2024-2025 profits in tax, banks would be charged a lower tax rate, which will not be limited to only two years.

However, the Ministry of Finance, the NBU, and even the IMF seem to favor additional taxation of banks, not only from next year but also retroactively for 2023.

According to Forbes sources, the 2023 tax rate may exceed 50%. The final figure is still being agreed upon, but the Ministry of Finance favors a higher rate than the 36% approved in the first reading. A rate of 52–54% is being discussed.