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Ukraine approves sweeping tax breaks to help businesses weather the war

Commodities Mar 15, 2022 12:58PM ET
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© 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)

($1 = 29.5474 hryvnias)

Ukraine approves sweeping tax breaks to help businesses weather the war
 

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Comments (2)
Elezabeth Thomas
Elezabeth Thomas Mar 16, 2022 5:55AM ET
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thank god!
Elezabeth Thomas
Elezabeth Thomas Mar 16, 2022 5:55AM ET
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thank god!
 
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