The government is raising taxes, some of them retrospectively from October 1

Key aspects:

From October 1, 2024, it is envisaged:

• Set the corporate income tax rate for banks at 50% in 2024.
• Introduce monthly advance payments of income tax for those engaged in retail fuel sales.
• Increase the military tax for individuals from 1.5% to 5%.
• Expand the list of military duty payers by requiring them to pay it on a monthly basis:
  • for individual entrepreneurs – single taxpayers of groups 1, 2 and 4 – in the amount of 10% of the minimum wage as of January 1 of the tax/reporting year;
  • for individual entrepreneurs – single taxpayers of group 3 – 1% of the income subject to the single tax.

From January 1, 2025, it is expected:

• Increase in the corporate income tax rate to 25% for non-bank financial institutions (except for insurers). 
• Change in the deadlines for reporting personal income and personal income tax, unified social tax and unified social contribution (unified reporting) from quarterly to monthly.

These changes will come into force after being signed by the President of Ukraine. At the time of publication, the Law has not been signed yet.

Source: Draft Law of Ukraine On Amendments to the Tax Code of Ukraine on Peculiarities of Taxation during the Period of Martial Law of September 3, 2024 No. 11416-d.
 

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