The bank-regulator allows the introduction of a number of tax initiatives if additional needs of the state budget arise.
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Photo – 24tv.ua
As reported by “NBN” with reference to the October “Inflation Report”, published on the official page of the National Bank of Ukraine, to cover the potential deficit state budget, the country may again increase the rates of either existing taxes or introduce new ones.
In particular, the macro forecast provides for subsequent legislative adjustments concerning the increase in the rates of certain taxes, such as military tax, deductions from the profits of banks/non-bank financial institutions, or excise taxes on tobacco and alcoholic products.
At the same time, according to NBU analysts, raising taxes will have a different impact on inflation rates, depending on the rate parameters. For example, a probable increase in value added tax (VAT) may provoke short-term pro-inflationary risks, since its increase will immediately affect consumer prices.
However, the impact of direct taxation will be distinguished, in the main, by a neutral effect, since the inflationary effect of considerable budget expenditures is partially minimized by self-restraint in the private consumption sector.
Earlier, our information portal wrote about the fact that the NBU predicted a sharp increase in prices due to the acceleration of inflation.