LVIV, Ukraine – Ukraine’s parliament approved measures on Tuesday, March 15, to help Ukrainian businesses stay afloat during the war with Russia, including slashing taxes to a single 2% rate, Prime Minister Denys Shmygal said.
The new bill was backed by President Volodymyr Zelenskiy, who has called for the government to ramp up support for small and medium-sized businesses in particular.
The new incentives include a new single 2% tax rate for all businesses with turnover of less than 10 billion hryvnia ($338 million) compared with a previous value-added tax of 20% and 18% tax on profit, Shmygal said in a statement.
“I am confident the decisions will strengthen our economic front,” he said in a statement.
In a later video address, Shmygal also outlined other wartime stimulus measures including a loan program for farmers worth 25 billion hryvnias ($846 million). – Rappler.com
$1 = 29.5474 hryvnias