Verkhovna Rada passes bill on taxation of banks at first reading

The bill was passed with 247 votes in favor.

"Rada supported bill No. 9656d on additional taxation of banks' incomes at first reading. The bill law provides for an increase in the income tax rate for banks from 18% to 36% without the right to set off losses of past periods during 2024-2025," MP Yaroslav Zhelezniak posted on Telegram.

According to Zhelezniak, the adoption of this law is budgeted as an additional UAH 9.9 billion for 2024.

As reported, Chairman of the Verkhovna Rada Committee on Finance, Taxation and Customs Policy Danylo Hetmantsev said that Ukrainian banks had been increasing their profits from receiving interest and government securities over the past three years. Primarily, these are deposit certificates of the National Bank. Hetmantsev pointed out the need for the NBU to withdraw the money supply from circulation and thereby influence inflationary processes. This regulatory action of the NBU leads to the fact that commercial banks receive excess profits. This tax is temporary, and the money from it will finance the army.