Ministry of Finance explains where UAH 500 billion will come from for military spending
Kyiv • UNN
The Verkhovna Rada approved an increase in spending for the Defense Forces by UAH 495.3 billion. The Ministry of Finance expects support for the amendments to the Tax Code.
The Ministry of Finance has explained the sources of additional money in the bill passed by the Verkhovna Rada to increase spending for the Defense Forces and expects the parliament to support changes to the Tax Code as a whole to increase taxes "as soon as possible," UNN reports.
Details
"Today, on September 18 , the Verkhovna Rada approved the amendments to the state budget for 2024... At the same time, the draft law on amendments to the Tax Code, which is systematically linked to changes to the state budget, was supported by parliamentarians in the first reading," the Ministry of Finance said.
According to the Ministry of Finance, expenditures for the security and defense sector are envisaged at UAH 495.3 billion. It is reported that an additional redistribution of expenditures for the Ministry of Education and Science of Ukraine in the amount of UAH 2 billion has been taken into account to provide meals for primary school students.
The Ministry of Finance refers to "a number of measures" as the sources of additional expenditures, namely:
1. Increase in the revenues of the general fund of the state budget due to the overfulfillment of planned revenues in January-August 2024.
2. Reducing expenditures on servicing and repayment of the public debt;
3. Increase the plan for placement of domestic government bonds;
4. Reduction of a number of expenditures in the general and special funds of the state budget;
5. Additional tax measures due to amendments to the Tax Code, which provide for:
- increase of the military tax rate for individuals from 1.5% to 5%;
- Establishment of a military fee for sole proprietors of groups 1, 2 and 4 in the amount of 10% of the minimum wage;
- Establishment of a 1% military fee for Group 3 single tax payers;. Increase in the corporate income tax rate for financial companies to 25% starting in 2025
- setting monthly advance payments for gas stations;
- income tax on banks in the amount of 50%;
- changing the tax period for filing personal income tax reports from quarterly to monthly.
"We expect the Verkhovna Rada of Ukraine to support the amendments to the Tax Code as a whole as soon as possible," the Ministry of Finance said.
Rada passes tax hike bill in first reading - MPSep 17 2024, 11:07 AM • 27235 views
