Ministry of Finance of Ukraine

The Verkhovna Rada has ratified the Ukrainian-Japanese Convention on the elimination of double taxation, which sets restrictions on the taxation of dividends, interest and royalties between the two countries to facilitate economic relations and reduce tax barriers.

A new wave of blocking tax invoices has begun. It could have been triggered by an audit of the risk monitoring system and criteria for blocking invoices appointed by the government.

A new wave of blocking tax invoices has begun in Ukraine. This time, the tax authorities began to demand documents that are usually studied during tax audits.

Ukraine and the IMF have reached an agreement on the fourth revision of the extended financing program in the amount of доларів 15. 6 billion, which opens the way for Ukraine to receive funds in the amount of.2.2 billion.

The Ministry of defense is working on a decision to allocate an additional UAH 370 billion for the purchase of weapons to support its defense industry and meet the material and technical needs of the army.

Ukraine expects to receive the next tranche of $2. 2 billion in IMF funding under the Extended Fund Facility in June after successful negotiations on the fourth review of the program.

The Cabinet of Ministers adopted a resolution to improve the accounting of suspicious debts in state monopolies and enterprises with net income of more than UAH 50 million.

In January-April 2024, the state budget allocated more than UAH 554 billion, or 58. 6% of the total expenditures, for the security and defense sector, which were spent, in particular, on salaries for military personnel and the purchase of equipment.

President of Ukraine Volodymyr Zelenskyy met in Kharkiv to discuss the operational situation, winterization, restoration of damaged infrastructure and housing for IDPs amid intense fighting in the region.

In 2024, Ukraine expects to attract three more tranches totaling $4. 5 billion under the IMF's Extended Fund Facility (EFF) program, in addition to the $880 million already received after the successful third review in March 2024.

The Ministry of Finance is drafting a bill to increase the military tax and value-added tax (VAT), as well as to introduce a military tax for individual entrepreneurs.

In April, 1,130 loan agreements worth more than UAH 4. 3 billion were concluded under state guarantees on a portfolio basis, of which UAH 2.4 billion was guaranteed by the state.

The Minister of Finance of Ukraine Sergii Marchenko discussed with the G7 ambassadors the government's reform of civil servants' remuneration based on job classification aimed at ensuring predictability, transparency and decent salaries to attract professionals to work in government agencies.

Due to delays in the delivery of military equipment, defense spending is growing significantly, which could potentially lead to a budget revision to provide additional funding for the security and defense sector.

Kyiv fulfilled the first five indicators of Ukraine's Plan for Reforms in Public Finance Management, Anti-Corruption and Business Environment in the first quarter of 2024, which allowed it to attract €6 billion in transitional financing.

As of March 31, 2024, Ukraine's public and publicly guaranteed debt amounted to UAH 5,924. 3 billion, of which 71.6% was external and 28.4% was domestic, with the weighted average cost decreasing by 1.4 times and the average maturity increasing by 1.6 times since 2022.

Since the beginning of the full-scale invasion in Ukraine, 53,212 loans totaling UAH 213. 2 billion have been granted to entrepreneurs, with state-owned banks providing 39,700 loans worth UAH 108.4 billion.

The Cabinet of Ministers held a meeting to prepare for the supply of generators to critical infrastructure facilities for the next heating season, which will help decentralize the energy system and make it less vulnerable to Russian attacks.

In 2023, the Ukrainian government implemented the state budget under martial law, but did not allocate all possible resources to finance measures to repel Russia's armed aggression and eliminate its consequences, according to the analysis of the Accounting Chamber.

The Cabinet of Ministers is working on a draft law to create a Government Center that will be responsible for the quality of documents and consolidate the functions currently performed by four regulatory ministries.

Since the beginning of the year, Ukraine has attracted more than $12 billion in financial assistance, including a record $9 billion in March and €1. 5 billion in April under the Extended Fund Facility for Ukraine.

According to CASE Ukraine senior economist Volodymyr Dubrovsky, the draft law on the “white business club” proposed by Danylo Hetmantsev is aimed at dividing entrepreneurs and undermining their efforts to reform the tax system.

During the martial law period, entrepreneurs received 52,244 loans totaling UAH 208. 7 billion under the Affordable Loans 5-7-9% program.

Ukraine has received €1. 5 billion of the second tranche of funding from the EU and expects the third tranche of €1.89 billion to be disbursed soon.

The Verkhovna Rada of Ukraine has supported a draft law that abolishes all upward and downward coefficients to the rates of rent for the use of Ukraine's radio frequency resource.

The draft law proposes to abolish all upward and downward coefficients applied to the rates of rent for the use of radio frequency resources of Ukraine.

The Government has approved a review of state budget expenditures in 20 areas by 16 key spending units in 2024 to increase efficiency and reallocate funds to higher priority areas.

The Government ordered to reallocate UAH 5. 5 billion from public debt service to increase funding for the elimination of the consequences of Russian aggression and strengthen Ukraine's defense capabilities.

In the first three months of 2024, the state budget expenditures for the security and defense sector amounted to UAH 408. 2 billion, or 58.9% of the total general fund expenditures.

Ukraine and South Korea sign a framework agreement that will allow Ukraine to receive up to $2. 1 billion in loans from the South Korean Fund for Economic Development and Cooperation to implement priority projects in 2024-2029.