“Fight or work” principle is being introduced in Ukraine - Shmyhal

Ukraine is introducing the "Fight or Work" principle, which provides for the introduction of a number of measures that will bring the labor market out of the shadows. This was announced by the Prime Minister of Ukraine Denys Shmyhal during the forum "Ukraine 2024. Independence" forum, UNN correspondent reports.

Now we have a critical need to raise additional funds for our defense, for our defense capability. This is hundreds of billions of hryvnias. In fact, amendments to the budget for more than UAH 500 billion this year have been submitted to the Parliament. This is what we need to pay salaries to our military, whose number is growing, to purchase the appropriate equipment, to finance the Ukrainian defense industry

He listed the steps that are proposed to raise additional funds.

"First of all, it is an increase in domestic borrowing, our market is ready for it. The second is to increase the income tax rate for banks, the third is to expand the base for the military tax and also to increase the military tax rates for certain cases. We are also introducing the "Fight or Work" principle, which involves a number of measures that will bring the labor market out of the shadows. These are important points for increasing the number of jobs, for raising average wages in industries and for filling our budget," Shmyhal said.

Addendum

Ukraine's Finance Minister Sergiy Marchenko said that Ukraine is currently forced to revise its budget and increase spending on the security and defense sector. Therefore, tax increases are inevitable in the country .