Ukrainian President Volodymyr Zelensky signed a law raising taxes in his country, which will take effect on December 1, the Ukrainian National News (UNN) reported on Thursday.
The document that Zelensky signed is reportedly related to the bill "On Amendments to the Tax Code of Ukraine Regarding the Peculiarities of Taxation During the Period of Martial Law." Under the new law, the military duty on income, including salaries, dividends, and additional benefits, will rise from 1.5% to 5%. Individual entrepreneurs in the unified tax system for groups 1, 2, and 4 will need to pay a monthly military duty equal to 10% of the minimum wage. Meanwhile, for third-group taxpayers, the military duty will be set at 1% of their income.
The new law will also introduce profit taxes for the financial sector. For 2024, the corporate tax rate for banks will be 50%, and the profit tax rate for non-bank financial institutions will be 25%.
