In Ukraine, Law No. 4015-IX entered into force, which introduces large-scale changes in the tax system of Ukraine, in particular, a significant increase in tax rates. State Tax Service (SST) explained separate taxation rules.
One of the key innovations is an increase in the income tax rate for banks. From January 1, 2025, financial institutions (with the exception of insurance companies) will pay income tax at the rate of 25% instead of the current 18%. As of 2024, banks are expected to increase the base rate to 50%, as well as a ban on writing off tax losses of previous years until they are fully repaid.
In addition, the changes will affect enterprises engaged in retail fuel trade. They will be required to pay advance contributions on income tax and personal income tax. The updated rules will also affect currency transactions. From January 1, 2025, businesses that exchange currencies will pay advance income tax contributions in a fixed amount determined in euros, instead of minimum wages.
Another important change will be an increase in the minimum wholesale and retail prices for some types of alcoholic beverages. The innovations are aimed at increasing revenues to the budget and improving tax regulation in the conditions of modern challenges for the economy.
