Ukraine approves sweeping tax breaks to help businesses weather the war By Reuters

Powell acknowledges disinflation again, but sees more hikes in long inflation war

Ukraine approves sweeping tax breaks to help businesses weather the war

Commodities Mar 15, 2022 12:58PM ET

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Ukraine approves sweeping tax breaks to help businesses weather the war

© Reuters. FILE PHOTO: Ukrainian Prime Minister Denys Shmygal speaks during a news briefing following talks with Polish Prime Minister Mateusz Morawiecki in Kyiv, Ukraine February 1, 2022. REUTERS/Valentyn Ogirenko

LVIV, Ukraine (Reuters) -Ukraine's parliament approved measures on Tuesday 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 war - the biggest in Europe since World War Two - has caused a humanitarian and economic shock, with the International Monetary Fund warning this week of a possible 35% contraction in output.

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 war-time stimulus measures including a loan programme for farmers worth 25 billion hryvnias ($846 million).

($1 = 29.5474 hryvnias)

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Comments (2)

Elezabeth Thomas Mar 16, 2022 5:55AM ET

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thank god!

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Elezabeth Thomas Mar 16, 2022 5:55AM ET

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thank god!

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Ukraine approves sweeping tax breaks to help businesses weather the war

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