The head of state, Volodymyr Zelenskyi, signed the law on increasing budget spending for military needs by 500 billion hryvnias against the background of the war of aggression that Russia continues against Ukraine.
Points of attention
- Ukraine is doing everything possible to strengthen its defense capabilities.
- It is predicted that the new tax regulations will bring UAH 58 billion to the state budget this year.
- Another 137 billion UAH will arrive in 2025.
Ukraine will spend even more money on defense
The official decision of the Ukrainian leader became known from the status of the law on the website of the Verkhovna Rada.
As mentioned earlier, the Ukrainian parliament voted to increase the budget for military needs on September 18.
The head of the Budget Committee of the Council, Roksolana Pidlas, recently told what the sources of additional UAH 500 billion for defense will be:
UAH 115.4 billion — reduction of expenses for maintenance and repayment of the state debt;
UAH 216 billion — additional placement of domestic government debt bonds (OVDP);
UAH 100 billion — over-implementation of the tax collection plan;
UAH 30 billion — tax revenues from tax increases;
UAH 12.7 billion will be brought by the increase in excise tax rates on tobacco and fuel.
The Verkhovna Rada voted to increase taxes in the first reading
On September 17, Ukrainian people's elected officials supported draft law #11416-d on tax increases in the first reading.
according to People's Deputy Yaroslav Zhelezniak, the new tax package provides for the following norms:
increase in the military levy from 1.5% to 5%;
establishment of a tax in the amount of 1% of the income of taxpayers of the uniform tax of the III group;
tax increase for the 1st and 2nd groups of FOP;
advance payments at gas stations;
setting the income tax rate for banks for 2024 in the amount of 50%;
setting the income tax rate for non-bank financial institutions (except insurers) at the level of 25%.
What is important to understand is that during the current year, such tax changes will bring UAH 58 billion to the state budget, and UAH 137 billion next year, 2025.
