In the second reading, the Verkhovna Rada voted for the draft law on tax increases.
Points of attention
- The draft law on tax increases in Ukraine aims to boost revenues for the state budget to support defense capability and social programs.
- The tax rates for banks have been set at 50%, while non-bank financial institutions will be taxed at 25%.
- The draft law introduces changes such as a monthly tax period for natural persons and simplified advance payment determinations.
- Special features of taxation during martial law include raising the military tax rate to 5% and establishing varying rates for different groups of taxpayers.
- The draft law also includes provisions for income tax rates for banks and non-banking financial institutions, as well as improvements in determining advance payments for retail trade enterprises.
What is known about changes to the draft law on increasing taxation in Ukraine
As noted by People's Deputy Yaroslav Zheleznyak, the draft law "On Amendments to the Tax Code of Ukraine on Special Features of Taxation During Martial Law" (No. 11416-d) was supported by 247 parliamentarians.
According to him, the size of the military levy for the military was left at the level of 1.5%.
What does the draft law on increasing taxes provide for?
The explanatory note to the draft law states:
raising the military levy and expanding the circle of its payers for the period until December 31 of the year in which martial law will be suspended or abolished, namely:
increasing the military tax rate from 1.5% to 5%;
establishment of a military levy in the amount of 1% of income for payers of the single tax of the third group;
establishment of a military levy for individuals-entrepreneurs-payers of the single tax of the first, second and fourth groups at the level of 10% of the minimum wage per month (the minimum wage is currently UAH 8,000, therefore, the military levy will be UAH 800).
In addition, the draft law provides for the establishment of the income tax rate for banks for 2024 in the amount of 50%.
Establishing the basic corporate income tax rate for the purpose of taxation of the income of non-banking financial institutions (except insurers) at the level of 25%.
Improvement of the proposed model for determining the amount of advance payments for the purpose of taxing the profit of enterprises that carry out retail trade in fuel.
Change of the tax period from quarterly to monthly for submitting reports on the amounts of income accrued (paid) in favor of taxpayers — natural persons, and the amount of tax withheld from them, as well as the amount of the accrued single contribution.
More on the topic
- Category
- Economics
- Publication date
- Додати до обраного
