MPs react to Zelensky’s signing of a tax hike policy
Source: Oleksiy Honcharenko/Telegram
On November 28, Ukraine’s president Volodymyr Zelensky signed into law 4015-IX, a controversial piece of legislation that introduces a “historic” tax increase. The law, which has drawn sharp criticism, will come into effect on December 1.
Here are the key changes introduced:
- Military Tax Increase: The rate on all Ukrainian income jumps from 1.5% to 5% for 2024 and 2025.
- Sole Proprietors (known as FOPs):
- Group 3 FOPs will pay a 1% military tax on income.
- Groups 1, 2, and 4 will contribute an amount equal to 10% of the minimum wage.
- Corporate Tax Changes: Non-banking financial institutions face a new 25% profit tax rate.
- Personal Income Tax Reporting: Mandatory monthly tax forms.
- Bank Profits: A 50% tax on bank earnings remains for 2024.
The law’s critics didn’t hold back. Opposition MP Oleksiy Honcharenko called the tax hike a ‘shame’, arguing that revenues now can go on the one-off “one thousand hryvnias’ benefit Zelensky promised to pay to every Ukrainian, and expensive military contracts that once again can leave Ukranian troops with faulty mortar shells.
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