The laws on amendments to the Tax Code and the national budget for 2014 passed on Thursday, July 31, by the Ukrainian parliament, which were required to receive a next disbursement from the International Monetary Fund (IMF) and the World Bank, were published in the Holos Ukrainy newspaper on Aug. 2, 2014 and took effect on Aug. 3, 2014.
As reported, the new general tax – war tax – of 1.5 percent of the wages is
introduced until Jan. 1, 2015. The royalties on extraction of fossil
fuel and ores were considerably increased, the excise duties on
cigarettes without filter were raised, taxation benefits for
transactions with securities and hospitality business were canceled.
Defense expenses of the national budget were increased by Hr 9.1
billion and expenses on the restoration of Donbas were increased by Hr
1.8 billion. Hr 343 million was allocated for the program on the
partial compensation of credit rates for investment projects.
The law on amendments to the Tax Code and some other laws on passive
income was also published in the Holos Ukrainy newspaper on Aug. 2.
The law introduces a 15 percent tax on deposit rates from Aug. 1, 2014.
