Law on tax hike submitted to Zelensky for signature
15 October 2024 12:52
The Chairman of the Verkhovna Rada, Ruslan Stefanchuk, has signed a law that provides for tax increases. It has now been sent to President Volodymyr Zelenskyy for his signature. This became known from the card of the law No. 11416-d on the website of the Verkhovna Rada, "Komersant Ukrainian" reports.
According to the information, the bill was submitted for signature on 15 October.
After the president signs the law and it is published in the official newspaper of the Verkhovna Rada, it will come into force.
According to MP Yaroslav Zheleznyak, “we expect the president’s signature there in the near future, then publication and then the law will come into force the next day, which will increase taxes. It will turn out that advances will be partially covered by the increase.”
As a reminder, on 10 October, the Verkhovna Rada passed draft law No. 11416-d on tax increases.
The provisions of the draft law on tax increases:
- for all, except for military personnel, the military tax increases from 1.5% to 5% of income;
- for private entrepreneurs of the third group, the military tax is set at 1% of income;
- taxes for the 1st and 2nd groups of individual entrepreneurs are increased;
- banks are expected to pay 50% of this year’s profit;
- the MPZ for land is increased;
- 25% income tax for financial companies;
- monthly PIT reporting is introduced (starting from January 2025);
- rent for the extraction of crushed stone is increased;
- cashback is exempt from taxation.
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The law is expected to enter into force on 20 October, but some taxes will have to be paid retroactively.
Earlier, 
analysed why Ukraine decided to raise taxes and what the consequences might be.
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