Ukrainian Finance Ministry more than halves estimate of 2024 budget revenues from martial law amendments to Tax Code

MOSCOW. Oct 11 (Interfax) - The Ukrainian Finance Ministry has revised its estimate of potential 2024 state budget revenues from legislation on taxation specifics during martial law, which was enacted on Thursday, down to UAH 21.5 billion from its earlier estimate of around UAH 58 billion.

The Finance Ministry also slightly revised its estimate of the 2025 budget revenues from the newly-adopted law down to UAH 133 billion from UAH 137 billion, Ukrainian media citing the ministry's press release on its website.

Local budgets could count on UAH 0.1 billion in revenues from these amendments to the Tax Code in 2024 and UAH 8.1 billion in 2025, it said.

As reported, the Ukrainian Verkhovna Rada on Thursday passed legislation amending the Tax Code concerning taxation specifics during martial law, which increases the military duty to 5% from 1.5%, the banks' profit tax to 50% in 2024, and a number of other taxes and duties.