The National Bank of Ukraine (NBU) considers raising the bank profit tax to 50% too risky. This was stated by the head of the NBU, Andriy Pishnyi. informs “Interfax-Ukraine”.
According to him, by the end of the week, the NBU will announce a package of decisions that will allow banks to increase their participation in covering the budget deficit through the purchase of domestic government debt bonds, while avoiding issuance.
Previously, the clause on raising the rate for banks to 50% was removed from the tax bill, but later it was returned again.
Pyshnyi noted that raising the tax to 50% creates more risks than potential benefits for financing the budget deficit and stable credit growth.
“The balance is rather fragile, and it must be maintained”, – emphasized the head of the NBU.
He also noted that the Ministry of Finance adheres to a similar position. However, according to the first deputy chairman of the financial committee Yaroslav Zheleznyak, the Ministry of Finance previously expressed support for the tax increase at the committee meeting.
According to Pyshnyi, the NBU sees ways to expand the role of banks in financing the budget deficit without the use of emission through the purchase of OVDP bonds. He promised to announce the details of this package of solutions by the end of the week.
Pyshnyi also emphasized that the National Bank understands the need to increase the fiscal channels of financing the budget against the background of the prolongation of the war, the maintenance of its high intensity and the reduction of external financial aid.
In addition, the NBU supported an increase in the income tax of financial companies from 18% to 25% in order to avoid tax arbitrage with banks, for which the tax was also increased to 25% from the beginning of 2024.
