Rada Financial Committee recommends to Rada to raise taxes and return 50% of tax on excess profits of banks

The Parliamentary Committee on Finance, Tax and Customs Policy recommends to the Verkhovna Rada to raise taxes.

The head of the committee, MP Danylo Hetmantsev, reported this on Telegram, Ukrainian News Agency reports.

The committee recommended adopting the resource bill N11416-d (prepared in a new version for repeated first reading), which provides for:

1) increase in military fee (MF) for the period until December 31 of the year in which martial law will be terminated, namely:

- rate increase from 1.5% to 5%;

- establishment of a MF in the amount of 1% of the income of taxpayers of the uniform tax of the III group;

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

2) setting the income tax rate for banks for 2024 at 50%;

3) setting the income tax rate for non-bank financial institutions (except insurers) at 25%;

4) improvement of the proposed model for determining the size of advance payments from corporate income tax for gas stations;

5) changing the tax period from quarterly to monthly for submitting reports on income paid to individuals (for economic reservation);

6) instructing the Cabinet of Ministers to develop a bill on amendments to the Budget Code of Ukraine regarding the inclusion of military fees in the special fund of the State Budget in order to direct them to the needs of financial support of the security and defense sector.

According to MP Yaroslav Zhelezniak, the Ministry of Finance will propose the introduction of tax increases "retroactively" from October 1.

As Ukrainian News Agency earlier reported, the International Monetary Fund may demand an additional increase in taxes if there is a significant difference in revenues and expenditures in the state budget.

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