On November 21, 2023, the Verkhovna Rada of Ukraine decided to significantly increase the income tax for banks in the country. According to the adopted Law 9656, income tax in 2023 will increase from 18%to 50%, and from 2024 will be 25%.
The decision, which has received 229 deputies, is a response to the requirements of the International Monetary Fund (IMF), the Ministry of Finance and the National Bank of Ukraine (NBU). According to the People's Deputy Yaroslav Zheleznyak, this decision is temporary, adapted to the conditions of international financial organizations.
According to the calculations of the Ministry of Finance, this tax increase will bring the budget additional revenues of UAH 24-25 billion only for 2023. The following years will lead to about 6-7 billion hryvnias of annual revenues.
In addition, the bill has been added to the law, which continues the preferential regime for import VAT when importing drones, thermal imagers, rays and antitrone rifles for another year. This solution can be supported for companies that will provide such technology.
This decision may affect the financial stability of banks and the overall economic situation in Ukraine. It is important to get that this decision is part of the great context of international financial agreements and reforms aimed at strengthening the country's economy. ”
