The Verkhovna Rada adopted a draft law on increasing the budget this year for military needs

The parliament adopted in the second reading draft law No. 11417 on increasing the budget this year by 500 billion hryvnias for military needs. 298 MPs voted pro.

The Deputy Chairman of the Verkhovna Rada Committee on Finance, Tax and Customs Policy Yaroslav Zheleznyak informed about this.

Thus, according to him, this yearʼs expenditures amount to a record 3.73 trillion hryvnias for Ukraine.

According to the MP Iryna Herashchenko, the draft law proposes to adjust the spending part of the state budget by 434.6 billion hryvnias, to increase expenditures under separate budget programs by 500.3 billion hryvnias — of which for the security and defense sector — by 495.3 billion hryvnias, and also reduce expenditures and granting of loans by 65.7 billion hryvnias.

In addition, the document proposes to direct the remaining funds from the budget for restoration, construction, modernization, and arrangement, as well as to direct funds from the "Ukraine Tourism" enterprise and the "Ukrainian Institute of Intellectual Property" to the needs of the Main Intelligence Department of the Ministry of Defense of Ukraine.

Defense needs of 500 billion are planned to be covered thanks to the reduction of expenditures on government bodies, expenditures on servicing and repayment of the state debt, as well as receiving additional funds from the placement of BDSL, revenue from excise taxes on fuel and tobacco, etc.

In addition, the Rada still has to adopt a draft law on changes to the Tax Code, in particular on raising the rate of military duty for individuals (from 1.5% to 5%) and income tax for banks (from 25% to 50%).