Private entrepreneurs may have to pay an increased military tax after the new year.
The law on increasing taxes, signed on Thursday, November 28, by Ukrainian President Volodymyr Zelensky, will come into force the following day. Thus, the increased military tax in November will be collected for the two days remaining in this month.
This was reported by People's Deputy Danylo Getmantsev, who heads the parliamentary committee on finance, tax and customs policy.
“Considering the publication date of the law, it will come into force on November 29. Thus, the military tax at the new rate should be withheld only for two days in November,” he said.
According to Getmantsev, private entrepreneurs will most likely pay the increased military tax after the new year.
“We have introduced a corresponding amendment, according to which the obligation to pay military tax at the new rates for them [individual entrepreneurs] will be in effect from January 1, 2025, if the amendment is supported by the Verkhovna Rada next week. I am convinced that the amendment will be supported,” he added.
As previously reported, the law adopted by the Verkhovna Rada on October 10 provides for:
- increasing the military tax from 1.5% to 5% except for military personnel;
- military tax for sole proprietors;
- establishing a 25% income tax for financial companies;
- monthly submission of personal income tax reports;
- 50% tax on excess profits of banks.
Recall that Danylo Getmantsev previously proposed to additionally introduce mandatory purchase of government bonds for all Ukrainians.
Zelensky signs law on tax increases
