Three years of reporting, funded by our readers — become a member now and help us prepare for 2025.
Goal: 1,000 new members for our birthday. Gift a membership to your friend and help us prepare for what 2025 might bring.
Become a member Gift membership
Skip to content
Edit post

Zelensky signs law to raise tax rate for banks to 50%

by Nate Ostiller and The Kyiv Independent news desk December 6, 2023 5:56 PM 1 min read
The logo of Oschadbank is seen at one of their branches in Lviv, Ukraine. (Mykola Tys/SOPA Images/LightRocket via Getty Images)
This audio is created with AI assistance

President Volodymyr Zelensky on Dec. 6 signed into law a bill that increases the profit tax for banks from 18% to 50% in 2023 and sets the rate at 25% starting from 2024.

Funds from the increased tax rate will be directed towards Ukraine's military expenses.

Forbes reported on Nov. 13, citing undisclosed sources, that Ukrainian authorities were considering such a tax increase due to growing fears of next year's budget deficit.

The plan, proposed by the Finance Ministry and backed by Ukraine's central bank and the International Monetary Fund (IMF), could bring Hr 24 billion ($663 million) to the 2024 budget, Forbes said.

The parliament passed the state budget for 2024 on Nov. 9, setting revenues at Hr 1.77 trillion ($49 billion) and expenses at Hr 3.35 trillion ($93 billion). Almost half of the budget was allocated to defense needs.

Russia's ongoing war made Ukraine more reliant on foreign aid. Support from the leading donors, the U.S. and the EU, is currently being stalled by internal political infighting.

Ukraine war latest: Putin to visit Saudi Arabia, UAE; Qatar announces return of 6 Ukrainian children from Russia
Key developments on Dec. 5: * Putin to visit Saudi Arabia, UAE * Qatar announces return of 6 Ukrainian children from Russia * Official: Ukrainian volunteer killed in Russian attack on International Volunteer Day * UK Defense Ministry: Russian forces control most of destroyed Marinka Russian Pr…

Three years of reporting, funded by our readers.
Millions read the Kyiv Independent, but only one in 10,000 readers makes a financial contribution. Thanks to our community we've been able to keep our reporting free and accessible to everyone. For our third birthday, we're looking for 1,000 new members to help fund our mission and to help us prepare for what 2025 might bring.
Three years. Millions of readers. All thanks to 12,000 supporters.
It’s thanks to readers like you that we can celebrate another birthday this November. We’re looking for another 1,000 members to help fund our mission, keep our journalism accessible for all, and prepare for whatever 2025 might bring. Consider gifting a membership today or help us spread the word.
Help us get 1,000 new members!
Become a member Gift membership
visa masterCard americanExpress

News Feed

3:44 PM

Russian ICBM strike would be 'clear escalation,' EU says.

"While we're assessing the full facts, it's obvious that such (an) attack would mark yet another clear escalation from the side of (Russian President Vladimir Putin," EU foreign affairs spokesperson Peter Stano said, according to AFP.
1:40 PM

Merkel describes Trump as 'fascinated by Putin' in her memoir.

"(Donald Trump) saw everything from the point of view of a property developer, which is what he was before he came into politics. Every plot of land could only be sold once, and if he didn't get it, someone else would," Angela Merkel says in her memoir.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Explaining Ukraine with Kate Tsurkan
* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.