The Cabinet of Ministers adopted the National Revenue Strategy for 2024-2030. Thus, the last structural beacon of the International Monetary Fund (IMF) credit program has been completed. This was reported by the First Deputy Head of the Verkhovna Rada Committee on Tax and Customs Policy Yaroslav Zheleznyak.
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“In fact, this is a plan for changes in the tax and customs sphere and administration until 2030, which should provide more of the state budget’s own revenues,” he noted.
Tax policy
- view “simplified” ; progressive personal income tax scale; reduction of tax benefits, including income tax; gradual increase in excise taxes to the EU minimum rates.
Customs policy
- harmonization with the EU of preferential import taxation; restoration of documentary checks; implementation of the EU Customs Code; granting customs authorities the right to operational search activities and pre-trial investigations into smuggling; administrative responsibility for violation of customs rules and implementation of norms for the criminalization of smuggling.
There will also be a reform of the State Tax Service and the State Customs Service (a separate beacon of the memorandum).
Losses of the state budget
Zheleznyak also noted that in the 6 months of 2023 the state budget lost UAH 57.5 billion in tax benefits. For comparison, for 2022 these losses amounted to UAH 76.3 billion.
The largest share was accounted for by VAT benefits. In only half of 2023 they amounted to 66.6%, and the budget lost 38.3 billion UAH on this.
In second place is the property tax benefit: it accounts for 31.1% and losses in the amount of UAH 17.9 billion.
Third place in terms of income tax: 2.33% and UAH 1.34 billion.
By industry, the largest amounts of tax benefits fall on the trade sector (28.6%) and health care and social assistance (25%).
You can learn more about the National Revenue Strategy by following this link.
Main provisions of the National Revenue Strategy
Chairman of the Verkhovna Rada Committee on Finance, Tax and Customs Policy Danilo Getmantsev presented the main provisions of the document.
