The Verkhovna Rada supported the bill on increasing taxes

The Verkhovna Rada of Ukraine has passed a bill to raise taxes on its second attempt. In the first reading, 241 deputies voted in favor.

According to MP Yaroslav Zhelezniak, the bill includes the following provisions:

• Increase in the military tax from 1.5% to 5%;
• Higher taxes for individual entrepreneurs (FOP) in groups 1 and 2;
• Advance payments at gas stations;
• A 1% tax on all forms of FOP in group 3;
• A 25% profit tax on financial institutions;
• Monthly reporting for personal income tax (PIT) for economic reservations;
• A 50% profit tax on banks in 2024.

Previously, the Rada failed to pass the vote on raising taxes, with only 224 deputies in favor, after which the bill was sent back for a repeat first reading.

It was earlier reported that the Rada would pass the tax increase law in Ukraine no earlier than mid-autumn. Additionally, there may be another tax increase next year, including VAT, if the 2025 state budget is significantly altered in terms of revenues and expenditures.

The tax increase is expected to generate an additional 58 billion UAH this year and another 137 billion UAH next year, according to MP Yaroslav Zhelezniak, citing a report from the Ministry of Finance.