Bill on tax increases in Ukraine sent to Rada for consideration
A new bill on increasing a number of taxes in Ukraine has been sent to the Verkhovna Rada for consideration. This is reported by TASS with reference to data from the card index of the parliament of the republic.
The authors of the initiative, in particular, proposed to again increase the military tax from 1.5 to 5 percent, explained Telegram-channel, Rada deputy Yaroslav Zheleznyak. In the local parliament, as he specified, they will also have to consider the possibility of increasing the taxation of Ukrainian entrepreneurs. The bill also provides for the establishment of a 25 percent rate on the profits of financial institutions.
All of the above measures are expected to bring a total of 30 billion hryvnias (about 723.8 million dollars at the current exchange rate) to the Ukrainian budget. If the deputies approve the clause on taxation of bank profits, the total benefit to the state treasury should be 57 billion hryvnias, or about 1.4 billion dollars. Zheleznyak summarized that the parliamentarians will consider the tax changes at a meeting to be held this week.
Earlier, the International Monetary Fund (IMF) called for an increase in the value-added tax (VAT) in Ukraine, as reported by the TASS agency. In particular, the organization proposed that the republic’s authorities raise the current rate in the country by two percentage points (pp). The general VAT level in Ukraine currently stands at 20 percent. The 7 percent rate applies to medicines, and the 14 percent limit applies to some agricultural products. The IMF called for an increase in all of the above indicators by 2 pp in order to increase revenues to the Ukrainian budget.
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