The Ministry of Finance of Ukraine has denied that it plans to raise taxes for private entrepreneurs (PEs) soon. This information was previously spread in anonymous Telegram channels.
This was reported by the Ministry of Finance of Ukraine.
"Anonymous Telegram channels have spread information and clickbait headlines that the Ministry of Finance is already planning to increase taxes for private entrepreneurs. Such information is untrue and manipulative in nature," the Ministry of Finance noted.
Amendments to the laws on the simplified taxation system will begin to be developed only after certain conditions are met. First, it is necessary to ensure the safe use of data and control over information on the movement of funds in the accounts of entrepreneurs. Only after that, but not earlier than in a year, will the reform process begin.
The reform will be carried out openly, with discussions involving the public, business, government agencies, and international partners. Only after these discussions will the Verkhovna Rada consider and adopt the relevant amendments to the legislation.
Historic tax hike
In late November 2024, President Zelensky also signed a law on tax increases. It is expected that the stateʼs tax revenue in 2025 will amount to 141 billion hryvnias.
This law provides:
- increase in military duty from 1.5 to 5% (exception — military personnel);
- introduction of military service for individual entrepreneurs;
- 50% tax on excess profits of banks;
- increasing the minimum tax liability for lands;
- 25% income tax for financial companies;
- cashback exemption from taxation.
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