Russian oligarch Abramovich underpays $1.2 billion to UK in taxes, media investigation says
From 1990 until 2020, Roman Abramovich invested about $6 billion in Keygrove Holdings Ltd, a company registered in the British Virgin Islands.
Taxation
Russian oligarch Abramovich evaded taxes through fake yacht hire scheme, media investigation says
Russian-Israeli oligarch Roman Abramovich evaded millions in taxes in EU countries through a fake yacht-for-hire scheme, according to a joint investigation by the BBC, The Guardian, and The Bureau of Investigative Journalism published on Jan. 28.
Ukraine's OnlyFans content creators declare more than $7 million in income
After the country's tax service sent out requests to Ukrainian citizens who earn money on the platform, 451 people sent in declarations totaling Hr 326.1 million ($7.76 million) for the period of 2020-2022, Ekonomichna Pravda reported on Jan. 22, citing information requested from the country's tax service.
Ukrainians paid $24 billion in taxes in 2024, Finance Ministry reports
This comes a month after President Volodymyr Zelensky signed off on a major tax increase bill on Nov. 28 in a bid to plug Ukraine’s budget deficit.
Governors of Kyiv and Poltava oblasts dismissed amid position reshuffles
Ruslan Kravchenko, the governor of Kyiv Oblast, and Filip Pronin, the governor of Poltava Oblast, were dismissed on Dec. 30 and are expected to be appointed to new positions soon.
Ukraine's tax hike, G7 loan enough for planned defense expenses in 2025, Finance Ministry says
For the next year, Ukraine allocated 26.3% of its gross domestic product (GDP) to defense and security expenditures, including Hr 740 billion ($17.7 billion) for arms purchases and Hr 50 billion ($1.2 billion) on the production and purchase of drones.
Ukraine Business Roundup — Historic tax increase signed 44 days late
The following is the Dec. 3, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. President Volodymyr Zelensky finally signed into law a bill authorizing Ukraine’s first wartime tax increase on Nov.
Ukraine Reforms Tracker Weekly — Issue 3
Editor’s note: This is issue 3 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from Nov. 24-Dec. 1, 2024. This newsletter was until recently titled “Ukrainian Economy in Brief." The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial
Zelensky signs law on 'historic' tax increase
The bill, which was passed by the Ukrainian parliament on Oct. 10, will raise taxes by Hr 8 billion ($192 million) in 2024 and Hr 141 billion ($3.4 billion) in 2025, lawmaker Yaroslav Zhelezniak said, as the country struggles to shore up its budget deficit amid Russia's ongoing full-scale war.
The Week Ahead by KI Insights: What we're watching this week
Editor's note: This article is an on-site version of KI Insights' The Week Ahead newsletter covering events from Nov. 18-Nov. 24. Sign up here to start your week with an agenda of Ukraine-related events, delivered directly to your inbox every Sunday. The G20 Summit will take place in Brazil on
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 78
Editor’s note: This is issue 78 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from Oct. 14- Oct. 20, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with
Ukraine Business Roundup — Ukraine braces for winter freeze
The following is the Oct. 15, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. Ukraine is set to face its toughest winter since the start of the invasion as Russia eyes cutting
New customs reform aims to tackle Ukraine’s ‘single biggest cash cow’ of corrupt money in politics
At a time when state coffers are starving for money to fund Ukraine’s survival, illegal smuggling is costing the country billions of dollars a year in lost tax payments. Through bribery or lying, smugglers avoid an estimated $2.4 to $3 billion in customs payments each year as they
Ukraine's parliament approves 'historic' tax hike
According to opposition lawmaker Yaroslav Zhelezniak, the version of the bill adopted in the second reading saw several changes.
Ukraine Business Roundup — The fight over higher taxes continues
The following is the Oct. 8, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. Public reactions, particularly from the business community, to increasing taxes continue to mount as the bill makes its
MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 75
Editor’s note: This is issue 75 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from Sept. 23- Sept. 29, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with
Ukraine Business Roundup — Hotels and tax hikes
The following is the Sept. 25, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. Kyiv’s iconic “Hotel Ukraina,” located on the city’s central Independence Square, also known as Maidan Nezalezhnosti,
With few easy options, Ukraine votes to raise taxes on stressed citizens
Ukraine’s parliament voted to approve a tax hike for the first time since the full-scale war broke out, turning to a politically unpopular move as the country continually struggles to find new sources of funding for its growing wartime budget. The bill passed in parliament as part of a
Parliament votes to increase state budget by $12 billion for defense expenditures
Ukraine's parliament, the Verkhovna Rada, voted on Sept. 18 in support of increasing the state budget by Hr 500 billion ($12 billion) to spend on defense and military needs.
Ukraine Business Roundup — Why Russia still makes billions transporting gas through Ukraine
The following is the Sept. 17, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. Ukraine passes latest IMF review Ukraine passed its latest loan program staff review with the International Monetary Fund
Ukraine's parliament backs major tax hike in first reading
Ukraine's parliament approved on Sept. 17 a bill that proposes a tax increase of Hr 58 billion ($1.4 billion) in 2024 and Hr 137 billion ($3.3 billion) in 2025.
Ukraine Business Roundup — French billionaire closes historic deal in Ukraine
The following is the Sept. 10, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. French billionaire Xavier Niel’s investment company NJJ Capital on Sept. 9 closed a deal to merge two
Ukraine businesses furious over government-proposed tax hikes to fund fight against Russia
Business and government in Ukraine are publicly slamming one another over a proposed tax hike Kyiv says is necessary to fund its fight against Russia. Earlier on July 18, the Finance Ministry announced that the government had approved draft changes to the 2024 budget law that included an increase in
Shmyhal: Kharkiv businesses to be exempt from local taxes
The government will allow authorities in Kharkiv to exempt businesses from local taxes amid Russia's ongoing assault against the city's energy infrastructure, Prime Minister Denys Shmyhal said on April 12.
Bootleg booze costs Ukraine $330 million a year in uncollected taxes
Nearly one-third of the alcohol market in Ukraine is unregulated, according to the World Health Organization. This costs the state big bucks. According to a Jan. 11 report by the Accounting Chamber of Ukraine, bootleg alcohol sales are costing the country's government $330 million (Hr 9 billion) in excise taxes
Ukraine imposes additional taxes on foreign tech: What changes for Google, Facebook users
From January 2022, Ukraine will apply a 20% tax on web-based services provided by foreign tech firms. According to the law, passed by parliament in June, foreign tech companies have to pay a 20% value-added tax, or VAT, for digital services they provide to local users. The law targets products
Ukrainians declare assets worth $9.25 million in tax amnesty
Danylo Hetmantsev, the head of the parliament's finance and tax committee, wrote on Dec. 3 that Ukrainians have voluntarily declared assets worth $9.25 million (Hr 250 million) under the ongoing tax amnesty. The state budget received $385,000 (Hr 10.4 million) from this sum, according to Hetmantsev. The
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