Rada approves historic tax increases

The law is expected to take effect on October 20th, but some taxes will have to be paid retroactively.

The Verkhovna Rada adopted in the second reading the law on a historic increase in taxes No. 11416-d. MP Yaroslav Zheleznyak reported this on Telegram on Thursday, October 10.

According to him, the corresponding decision was supported by 247 representatives of the people.

The tax bill is provided for:

• increase in military duty (MC) from 1.5% to 5% (exception – military personnel);

• establishment of the day in the amount of 1% of the income of single taxpayers of the third group of individual entrepreneurs;

• tax increase for groups 1 and 2 of individual entrepreneurs;

• 50% tax on banks;

• increase in INR for lands;

• 25% income tax for financial companies;

• exemption of cashback from taxation;

• transition to monthly reporting of personal income tax;

• increase in quarry rent.

The law is expected to take effect on October 20th, but some taxes will have to be paid retroactively.

Let us remind you that on September 17, the Rada adopted in the first reading a bill to raise taxes. At the same time, the representatives of the people were disappointed with the abbreviated procedure for amendments. Therefore, the bill was considered in the second reading in October.

It is expected that the tax changes will bring an additional 58 billion hryvnias to the budget in 2024 and 137 billion hryvnias next year.

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