OREANDA-NEWS On the same day as the signing of the law on the budget of Ukraine, the deficit of which will amount to $ 39.5 billion, or 19.4 percent of GDP, Vladimir Zelensky approved a tax increase in the country, approved earlier by the Verkhovna Rada. This is reported by "Страна.иа ".

The Head of State, in particular, introduced a sharp increase in the rate of military levy from 1.5 to 5 percent, which will not affect only the security forces, for whom the rate will remain at the same level of 1.5 percent.

Other notable changes mentioned by the publication included the need to submit tax reports monthly, rather than quarterly, from January 1, 2025, linking upfront personal income tax contributions to euros for currency exchangers, raising the tax rate on bank profits to 50 percent, and abolishing simplified taxation for entrepreneurs with tax debts of more than for six months, as well as the introduction of regular advance payments on income tax for gas stations and other measures.

According to Ukrainian Prime Minister Denis Shmygal, the tax changes will come into force on December 1.

Earlier it became known that the ruling Ukrainian party "Servant of the People" submitted to the Parliament a bill envisaging the abolition of the preferential tax system for funeral service providers, which is expected to make this area more competitive and attract investment into it.