Ukraine's Verkhovna Rada (the country's parliament) today approved a wartime tax hike to shore up state finances, Reuters reported. quoting the People's Representative from the party "Voice" Yaroslav Zheleznyak.
A majority of 247 MPs voted in favor of the law, which includes an increase in the military tax from 1.5 to 5 percent for citizens of Ukraine (maintaining the level of 1.5 percent for military personnel) and higher taxes for sole traders and small businesses.
Among the key changes adopted by the parliament are changes in the taxation of notaries, an increase in taxes for sole traders (individual entrepreneurs - FOP) from the first and second groups, the introduction of a 1 percent tax for sole traders from the third group (small and medium-sized enterprises in the service sector, as well as consulting, educational and agricultural activities), establishing a 50 percent tax on bank profits in 2024, introducing advance payments by gas station owners and monthly reporting from income tax on natural persons, adds the Ukrainian national news agency Ukrinform.
The law enters into force on October 1, 2024
Ukraine's Verkhovna Rada on the second attempt supported the draft law on the first reading to increase taxes by 58 billion hryvnias (nearly 1.3 billion euros) this year and another 137 billion hryvnias (over 3 billion euros) next year 2025.< /p>