Ukraine Plans VAT Increase to 21% to Fund Business Recovery
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The Cabinet of Ministers plans to create a special fund to insure businesses against war risks. To fill it, they are considering raising the value added tax (VAT) by 1 percentage point — from 20% to 21%.
The Cabinet of Ministers plans to create a special fund to insure businesses against war risks, but its filling may require an increase in value added tax (VAT) by 1 percentage point. This will be done in order to insure the business from attacks of the Russian Federation. This was announced by the Minister of Economy and Environment Oleksandr Kravchenko at a meeting with journalists on Friday, Gazeta.ua writes. “According to our estimates, busi…
Ukraine is considering the possibility of temporarily increasing the value added tax (VAT) by 1% to 21%. The funds received are proposed to be used to compensate businesses for production and storage facilities destroyed as a result of the war.
The Ministry of Economy is preparing a program to compensate businesses for assets lost as a result of Russian shelling. Under the previous model, one legal entity will be able to receive compensation of up to $10 million from a special insurance fund. The total amount of the fund is estimated at $2—3 billion. It is proposed to finance the program from three sources: business contributions at the level of 2% of the value of assets, funds of inte…
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