What taxes will be increased and what will happen to the exchange rate.
Ukrainians should prepare for tax increases. The Cabinet of Ministers is preparing proposals for changes to the Tax Code. In particular, it is proposed to increase the military duty rate to 5%, but other taxes and fees will also increase.
Who will have to pay more and when, what will happen to tariffs and the exchange rate, read the material TSN. ua.
What taxes will be increased
The government is preparing a bill on changes to the Tax Code to increase taxes by 140 billion hryvnia. People's Deputy Yaroslav Zheleznyak announced this on July 18.
If the document proposed by the Cabinet of Ministers is adopted, the following innovations are expected:
- an increase in the rate of military duty to income determined by Article 163 of the Code, up to 5% (now 1.5%);
- establishment of the obligation to pay military duty by legal entitiesin the amount of 1% of income from any activity for payers of corporate income tax and single tax payers of groups 3 and 4;
- establishment of the obligation to pay military duty in the amount of 5% in the calculation of two minimum wages per month for individuals persons – entrepreneurs single tax payers of the first, second and fourth groups;
- establishment of the obligation to pay military duty in the amount of 1% of the income of individual entrepreneurs single tax payers third groups;
- establishing the obligation to pay a military tax in the amount of 5% of the cost of banking metals by legal entities and individuals carrying out operations to purchase banking metals from banks;
- establishing an obligation to pay a military tax in the amount of 30% of the cost of jewelry sold by enterprises, institutions and organizations and individual entrepreneurs engaged in retail trade in jewelry made of gold, platinum and precious stones (including those made from customer-supplied raw materials);
- establishing the obligation to pay a military tax in the amount of 15% of the value of acquired movable property by enterprises, institutions and organizations, individualsacquiring ownership of passenger carssubject to the first state registration in Ukraine by territorial bodies of the Ministry of Internal Affairs, except in cases of security passenger cars of persons with disabilities in accordance with the law;
- establishing the obligation to pay a military tax in the amount of 5% of income from the sale of real estateby individuals who sold one piece of real estate during the reporting tax year;
- establishing the obligation to pay a military tax in the amount of 5% by suppliers of electronic communications services providing mobile communication services paid by end users of such services;
- establishment of the obligation to pay monthly advance contributions for corporate income tax by tax payers operating in the retail trade of fuel, in the amount of 0.5 of the minimum wage established by law as of January 1 of the reporting (tax) year, per 1 cubic meter. meter of storage tanks for gasoline and diesel fuel and liquefied gas located at the place of retail trade in fuel included in the Unified Register of Licensees and Places of Fuel Circulation;
- establishing a specific excise tax rate in the amount 0.1 euros per 1 liter of fuel.
Will tariffs increase
Rumors are again circulating in Ukraine about an alleged possible increase in gas tariffs for household consumers. However, the Naftogaz of Ukraine company denied that prices will increase in the near future.
“The gas tariff from the Naftogaz of Ukraine Group of Companies remains unchanged! We understand the importance of stability in these difficult times, therefore we conscientiously adhere to our obligations to you. With the Naftogaz of Ukraine Group of Companies you do not have to worry about unexpected changes in your utility bills,” – says a message from the gas supplier on Facebook.
The company noted that the fixed price is guaranteed until April 30, 2025.
At the same time, according to the minister Ukrainian energy specialist German Galushchenko, the current electricity tariff will not change until the end of the heating season. This means that the electricity tariff will not be revised until May 1 of the next year.
“The price for electricity for household consumers, in accordance with Resolution No. 632, was approved until April 30, 2025. That is, until the end of the autumn-winter period 2024/2025, the electricity tariff for household consumers will not be revised,” says the document, which the parliamentarian published in Facebook.
What will happen to the exchange rate
A steady upward trend in the exchange rate of the cash dollarlasts for the third week. During this time, the dollar has risen in price by almost a hryvnia or 2.5% and almost reached 42 UAH/dollar for sale and exceeded 41 UAH/dollar for purchase. According to information from specialized websites finance.ua and minfin.com.ua, over the past week, the exchange rate increased by 70 kopecks for sale (up to 41.93 UAH/dollar) and 90 kopecks for purchase (up to 40.68 UAH/dollar) as of Sunday, July 21.
Cash euroall week it became more expensive both for sale and for purchase, as a result its average rate increased by almost hryvnia, to 45.85 and 45.07 UAH/euro. The growth rate of the purchase rate was especially noticeable: at the beginning of the week it was slightly above 44 hryvnia, at the end it was already more than 45 UAH/euro. On Sunday, July 21, the rates were set at 45.86 and 45.13 UAH/euro, respectively.
On Monday, July 22, the regulator set the dollar rate at 41.49 UAH/dollar, obviously this has become new record with a minus sign. But the euro, on the contrary, fell in price by 6 kopecks, to 45.19 UAH per unit.
The dollar/euro ratio has not changed and is $1.09 per euro.
< strong>Expert forecastsdiffer markedly: from pessimistic to more moderate, however, in their opinion, the devaluation of the hryvnia will continue.
Alexander Okhrimenko, in a commentary on TSN.ua, suggested that the Ukrainian authorities have finally decided on a rapid devaluation of the hryvnia. And a slight increase in the dollar exchange rate in July is only the beginning of a larger increase soon.
“The authorities have set a course for the devaluation of the hryvnia, but this is only one of the components of further tightening the screws,” the expert believes. “In addition, this year we need to receive about 500 billion UAH “for the war.” Therefore, it is planned to increase taxes, including military taxes from 1 .5% to 5%, excise taxes on fuel, alcohol, even on sweet drinks, fees for the purchase of cars, etc. It is expected that the issue of the hryvnia will no longer restrain the rise in price of the dollar, producing significant sales in the interbank market.
Oleg Pendzin referred to the position of the National Bank on further monetary policy, set out in the monthly macroeconomic and monetary review of the NBU for July of this year.
“The regulator recognizes that since April, the volume of international financial assistance has expectedly decreased, at the same time, the outflow of capital from the public and private sectors has increased due to a reduction in debt on loans to non-residents, and the population’s demand for cash currency has also increased,” says Oleg Pendzin. As a result, gold and foreign exchange reserves have decreased, but remain sufficient, this is $39 billion. Taking into account the receipt of macro-financial assistance from the EU and the tranche from the IMF, the reserves will resume to almost $40 billion. NBU interventions will continue to remain the main balancing mechanism in the foreign exchange market. That is, in my opinion. In my opinion, the conclusion from this is this: this week the dollar exchange rate should stop at the current level.”
Andrey Shevchishin also agrees that the moment of the next exchange rate equilibrium is coming. And the main thing that prompts the National Bank to take such a step is the possibility of unprofitability. bank deposits in hryvnia.
“If the exchange rate is not maintained, a massive outflow of household deposits from the banking system may begin, and stopping this process will be costly for gold and foreign exchange reserves,” Andrey Shevchishin said in a comment to the TSN.ua website.
Recall that demand has increased in Ukraine for cash. Over the six months of 2024, cash hryvnia became 4.8% (UAH 36.5 billion) more than it was at the beginning of the year.
