The enactment of the tax hike legislation played a major role in promoting the closing of sole proprietorships in the fall.
In Ukraine, since the beginning of 2024, 254,288 individual entrepreneurs stopped their activities, 22.5 thousand of them did so after the President signed the tax increase law. This is proven by data from Opendatabot.
It was noted that the most closures occurred in March – 28,690, however, bursts of activity were also observed at the end of the reporting periods.
According to analysts, the adoption of a tax increase law played an important role in the increase in the closing of individual entrepreneurs in the fall.
Since November 28, 22,521 businesses have closed. Directly on the day the law was signed, 2,332 individual entrepreneurs decided to close, and on average, after the law came into force, the number of closures reached more than 1,000 every day. For comparison, on average around 700 traders close each day.
We remind you that in Ukraine, on October 21, 651 cases of bankruptcy of individuals were opened. In the past four months, the number of cases has almost doubled.
It was also reported that in the first half of 2024, Ukrainians opened more than 148 thousand individual entrepreneurs, which is 10.8% more than the same period in 2023.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.