President Volodymyr Zelenskyy signed into law on Thursday Ukraine's first wartime tax increases as the war against Russia reaches its 34th month, APA reports citing Reuters.
Finance Minister Serhiy Marchenkko said that the bill was vital to ensure smooth funding for the Ukrainian defence sector next year. The changes will take effect from Dec. 1, he said.
The government is raising the war tax for residents to 5% from 1.5% paid currently on personal income and is introducing the war tax for tens of thousands of individual entrepreneurs and small businesses.
It also increases some rental payments, taxes commercial banks' profits at 50%, and raises taxes on the profits of other financial institutions to 25%.
The tax increases would help raise about 140 billion hryvnias ($3.4 billion) in additional revenues next year to fund Ukraine's defence efforts at a critical juncture of the war as Kyiv is battling with a much bigger and better-equipped enemy.
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