Zelenskyy signed a law on raising taxes

President Volodymyr Zelenskyy signed law №11416-d on the “historic” tax increase. The document will come into force on December 1. This is reported by UNN with reference to the card of the bill.

Details

This is about the bill “On Amendments to the Tax Code of Ukraine Regarding the Peculiarities of Taxation During the Period of Martial Law”.

The document provides for:

• Increase in the military duty on the income of individuals (salaries, dividends, additional benefits, etc.) from 1.5% to 5%;

• Individual entrepreneurs on the unified tax of groups 1, 2 and 4 are obliged to pay a monthly military duty in the amount of 10% of the minimum wage;

• For payers of the third group of the unified tax, a military duty rate of 1% of income is established;

• Introduction of profit taxes for the financial sector. The corporate tax rate for banks for 2024 is 50%. For non-bank financial institutions (except insurers), the profit tax rate will be 25%.

Supplement

The Committee of the Verkhovna Rada on Finance, Tax and Customs Policy at the meeting on November 27 supported the amendment, which proposes to cancel the taxation “retroactively” for individual entrepreneurs in the bill on tax increases №11416-d.

On November 28, the Chairman of the Verkhovna Rada of Ukraine, Ruslan Stefanchuk, signed the bill on amendments to the Tax Code.

Reminder

On October 10, the Verkhovna Rada of Ukraine approved the bill №11416-d on a significant increase in taxes.