Zelenskyy approves temporary taxation of banks’ excess profits

President Volodymyr Zelenskyy signed the law on the introduction of temporary taxation of excess profits of banks at the rate of 5%.

This is evidenced by the data of the bill on the website of the Verkhovna Rada, Ukrainian News Agency reports.

According to the law:

- bank profit tax for 2023 will be 50%;

- in the following years, starting from 2024, the rate will be set at the level of 25%.

According to the calculation of the Ministry of Finance, this will bring UAH 24-25 billion in 2023 alone.

Further, this amount may be UAH 6-7 billion.

As Yaroslav Zhelezniak, Member of Parliament from the Holos faction, reported in his Telegram channel, at the insistence of the IMF, the Ministry of Finance and the NBU, the text was changed compared to the first reading.

This norm will be in the updated memorandum (which we expect in mid-December).

As Ukrainian News Agency earlier reported, solvent banks earned UAH 109.9 billion in net profit for January-September 2023 compared to UAH 7.4 billion for the same period last year.

Only six banks out of 63 solvent institutions were unprofitable with a total loss of UAH 155 million.

Banks earned a record-breaking UAH 95.1 billion in the entire history of Ukraine's independence in 8 months, in August the banks' profit amounted to UAH 11.9 billion.

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