Ukraine is preparing to increase taxes and excise duties

In June 2024, decisions may be made regarding the increase of some taxes and excise duties in Ukraine, but the real increase in deductions to the budget may take place a little later. Currently, the Cabinet of Ministers is developing a draft law aimed at increasing taxes, in particular VAT and military duty. These changes may concern both a general increase in rates and the introduction of a military levy for entities that apply a simplified taxation system.

It is planned to increase the military levy from 1.5% to 5%. An individual entrepreneur can have the same rate of 5%. The issue of raising the VAT level is still being discussed, the expected increase is 2-3%.

The bill can be submitted to the Verkhovna Rada by the end of June. However, experts note that even if the document is adopted quickly, the new rates may not come into effect before September.

Excise duties may also change in June. It is planned to raise excise taxes on tobacco products, alcohol and fuel to finance the army. An increase in excise duty will lead to a significant increase in gasoline prices.

In May, the Verkhovna Rada registered draft law No. 11256, which provides for an increase in taxes on excise goods. In particular, it provides for a gradual increase in excise duty on fuel until 2028.

According to the text of the draft law, by January 1, 2028, the excise tax on gasoline should be 359 euros per 1,000 liters, on diesel fuel - 330 euros per 1,000 liters, and on autogas - 277 euros per 1,000 liters.

We will remind you that the Verkhovna Rada Committee on Finance, Tax and Customs Policy supported the register. No. 11256 on increasing excise duties on fuel at its meeting on May 31. The decision will lead to an increase in fuel prices for Ukrainian motorists already in July.

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