The new tax increase law will increase state budget revenues by UAH 30 billion by the end of the year
The law, recently adopted by the Verkhovna Rada, provides for a significant increase in tax rates, which should increase revenues to the state budget by 30 billion hryvnias by the end of this year. This was announced by the head of the parliamentary committee on finance, tax and customs policy, Danylo Hetmantsev, during a briefing in the Verkhovna Rada.
According to his forecasts, in 2025, new tax measures will bring approximately 135 billion hryvnias to the state budget. Among the main changes indicated by Hetmantsev, it is worth highlighting the increase in the military levy until the end of the year, when martial law will be abolished. The military levy will increase from 1.5% to 5%, but for military personnel it will remain at 1.5%.
Also, the innovations will affect single taxpayers: for single tax payers of group 3, a military tax of 1% of income will be introduced, and for FOPs of groups 1, 2 and 4, the military tax will be 10% of the minimum wage.
In addition, the income tax for banks in 2024 will be 50%, and for non-bank financial institutions (excluding insurers) – 25%. Also, the procedure for reporting the income of individuals for economy bookings was changed from quarterly to monthly.
We will remind that on October 10, the Verkhovna Rada adopted draft law No. 11416-d, which marks a historic increase in tax rates.
