The relevant committee of the Verkhovna Rada supported the updated version of the government bill on increasing taxes No. 11416-d “On Amendments to the Tax Code of Ukraine and Other Laws of Ukraine on the Peculiarities of Taxation during the Period of Martial Law.”
The first deputy chairman of the Committee on Finance, Tax and Customs Policy, People’s Deputy Yaroslav Zheleznyak, reported this today, August 29, on his Telegram channel.
Thus, the bill provides for:
- increase in military tax from 1.5 to 5%;
- increase in taxes for groups 1-2 of sole proprietors;
- advance payments at petrol stations;
- 1% for all forms of private entrepreneurs of the 3rd group;
- 25% of profits to financial institutions;
- monthly income tax reporting (for economical booking).
There was a difficult discussion on the withdrawal of the norm on the 50% tax on banks. The deputies spoke in favor. The NBU, the Ministry of Finance spoke against, and they are categorically against the IMF. They say that banks will have to be recapitalized, and it will be impossible to attract UAH 385 billion on the market by the end of the year. We agreed to return to this in the second reading, Zheleznyak noted.
In the revised bill, the planned resource of 125 billion UAH was reduced fourfold – to 30 billion.
I interpret the Finance Ministry’s answer as being that it will be very difficult to balance the budget of UAH 30 billion out of the UAH 125 billion the Finance Ministry asked for, Zheleznyak noted. In the next one, it will only be UAH 127 out of UAH 340 billion. This is also a big problem.
The MP noted that the necessary funds will be sought in the following manner:
- review and reduce costs;
- additional savings from restructuring;
- will attract UAH 385 billion (220 billion net) on the domestic market by the end of the year.
The floor vote is scheduled for next week. The council must vote on it in two readings.
The established features of taxation by military tax will be in effect until December 31 of the year in which martial law is terminated.
Source: Racurs
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