The profile committee of the Verkhovna Rada adopted the draft law on raising taxes for the repeated 1st reading

The Verkhovna Radaʼs Committee on Finance, Tax and Customs Policy adopted the governmentʼs draft law on tax increases No. 11416-d for the repeated 1st reading.

This was reported by the first deputy chairman of the committee, the MP Yaroslav Zheleznyak.

The text remains unchanged, but an increase in the bank profit tax has been added. Hereʼs what it provides:

• 50% tax on bank profits in 2024;
• increase in military duty from 1.5% to 5%;
• increase in income tax for financial companies to 25%;
• establishment of a military levy in the amount of 1% of income for the private enterpreneurs of the 3rd group;
• establishment of a military levy for private enterpreneurs — single tax payers of groups 1, 2 and 4 at the level of 10% of the minimum salary;
• advance payments at gas stations;
• monthly income tax returns (for economy booking).

Tax changes should bring 58 billion UAH in 2024 and 137 billion UAH in 2025.

• At the beginning of September, the parliament did not support this draft law in the first reading, it was sent for re-reading. Two votes were missing. Earlier, the draft law was supported by the Verkhovna Radaʼs Committee on Finance.