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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)
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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.

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