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The Cabinet of Ministers approved the increase in excise taxes on fuel

Photo: BEB

The government approved the gradual approach of excise tax rates to the minimum level established in the EU.

The Cabinet of Ministers proposed a gradual increase in the excise tax on fuel until 2028. Excise tax rates will be closer to the minimum level established in the European Union. This was reported by the press service of the Ministry of Finance on Friday, March 22.

“The revision of excise taxes is due to the need to bring the national legislation closer to the legislation of the European Union, which is important in connection with Ukraine obtaining the status of a candidate country for EU membership,” the statement said.

It was noted that the implementation of the provisions of the bill will ensure additional revenues to the state budget in the second half of 2024 of 1.6 billion hryvnias on average per month. Of these, 1.3 billion hryvnias are from excise tax and 292 million hryvnias from value added tax.

Schedule for increasing excise tax rates on fuel (euro per 1000 liters). Photo: Ministry of Finance

“It is important to support the security of the country, because all its own income goes to the security and defense sector,” said the Ministry of Finance.

It was earlier reported that the Cabinet of Ministers is proposing to increase excise tax rates on tobacco products from July 2024.

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Source: korrespondent

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