The Rada may vote on tax hikes in a week: what awaits citizens
30 September 2024 15:00
The relevant committee of the Verkhovna Rada of Ukraine plans to consider the draft law on tax increases No. 11416-d for the second reading this Friday, 4 October "Komersant Ukrainian"
According to the MP, the draft law is currently being amended, and he predicts that there will be a lot of them.
However, the MP is confident that the document will be submitted to the parliament for a second reading in a week.
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Details of the draft law No. 11416-d
On 17 September, the Verkhovna Rada of Ukraine adopted the draft law No. 11416-d as a basis. 241 MPs voted in favour.
The updated version of the draft law provides for:
1) an increase in the military tax from 1.5% to 5%
- establishment of the CPT in the amount of 1% of the income of single tax payers of the third group;
- establishing the CPT for individual entrepreneurs – single tax payers of groups I, II and IV at 10% of the minimum wage;
2) setting the corporate income tax rate for banks in 2024 at 50%;
3) setting the corporate income tax rate for non-bank financial institutions (except for insurers) at 25%;
4) improving the proposed model for determining the amount of advance corporate income tax payments for petrol stations;
5) change of the tax period from quarterly to monthly for reporting on income paid to individuals (for economic booking);
6) instructing the Cabinet of Ministers to develop a draft law amending the Budget Code of Ukraine to transfer military fees to a special fund of the state budget to be used for the needs of the security and defence sector.
Since the law will not be adopted in its entirety by October, the implementation will be retroactive to 1 October, Yaroslav Zheleznyak, Deputy Chairman of the relevant parliamentary committee, predicts.
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