How much will taxes increase? Tax increase bill can be voted on next week

The Tax Committee has recommended that the Verkhovna Rada adopt as a basis the revised bill N11416-d on amendments to the Tax Code of Ukraine regarding the peculiarities of taxation during the period of martial law.

Member of Parliament from the Servant of the People faction, head of the parliamentary committee on finance, tax and customs policy Danylo Hetmantsev has announced this, the Ukrainian News agency reports.

The revised bill envisages, in particular:

- increase in the military tax rate from 1.5% to 5%;

- establishing a military levy in the amount of 1% of the income for individual entrepreneurs - payers of the single tax of group III;

- establishment of a military levy for individual entrepreneurs - payers of the single tax of groups I, II and IV at the level of 10% of the minimum salary;

- it is determined that the established features of taxation by the military levy will be valid until December 31 of the year in which martial law will be terminated;

- establishment of the corporate income tax rate for non-bank financial institutions (except insurers) at the level of 25%;

- improvement of the proposed model for determining the amount of advance payments for the purpose of taxing the profit of enterprises that carry out retail trade in fuel;

- monthly submission of reports on the amount of income accrued (paid) in favor of taxpayers - natural persons, and the amount of tax withheld from them, as well as the amount of the accrued single contribution.

In addition, it is envisaged to develop a separate bill on amendments to the Budget Code of Ukraine regarding the transfer of revenues from the military levy to the special fund of the State Budget in order to direct them to the needs of security and defense.

At the same time, the Member of the Verkhovna Rada from the Holos faction, the first deputy chairman of the Tax Committee Yaroslav Zhelezniak announced on his Telegram channel that it will be very difficult for the Ministry of Finance to bring the budget with UAH 30 billion to UAH 125 billion requested by the Ministry of Finance.

In the next year, lower revenues are also expected than previously forecast.

Voting in the hall is scheduled for next week.

As the Ukrainian News agency earlier reported, the Ministry of Finance and the National Bank previously opposed raising the income tax for banks to 50% as part of the bill on raising certain types of taxes.