Ukrainian government unveils cashback scheme: 10% rebate on domestic goods
Source: Ukraine’s ministry of social policies
In a bid to stimulate homegrown businesses, Ukraine’s government said on Tuesday it will roll out the “National Cashback” scheme on September 2, 2024. It will reward Ukrainian consumers with a 10% rebate on purchases of domestically produced goods.
Under this program, consumers will be offered cashback on a range of products and services, including medical and utility services, sports activities, cinema tickets, donations to the Ukrainian Army, and military bonds. The rebate is capped at 3,000 hryvnias per month.
Yulia Svyrydenko, Ukraine’s economy minister, spoke about the program’s economic benefits, arguing, “cashback as a form of state support is more effective for the economy than mere financial handouts. It generates additional demand for Ukrainian goods, which in turn creates jobs and ensures tax revenue. Up to 40% of the money spent on Ukrainian goods returns to the budget through taxes and supports the Ukrainian army.”
The cashback program, though, will not apply to excise goods, and will be voluntary for consumers, manufacturers, and retailers. Details on what products are eligable for cashback will be available at participating stores or on the program’s website.
Cashback funds will be credited to the card by the 20th of the following month, with cash withdrawals not permitted. Funds accamulated in 2024 must be used by January 31, 2025, while the overall program will run until December 31, 2025.
Ukrainian MP Olexiy Honcharenko revealed that the goverment will earmark 3 billion hryvnias for the program in 2024 and 6 billion hryvnais in 2025.
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