The Law introduces significant amendments to the Tax Code of Ukraine and other laws regarding taxation during martial law. Key innovations include:
- Increase of the military levy from 1.5% to 5% for most taxpayers. A military levy is also introduced for individual entrepreneurs on a single tax at a fixed rate.
- Introduction of advance payments for corporate income tax and personal income tax for enterprises engaged in retail fuel trade (60,000 UAH per month for each trading location).
- Increase of the corporate income tax rate for banks to 50% in 2024.
- Changes in taxation of subsoil use rent, particularly regarding gas and iron ore extraction.
The Law also contains amendments concerning the minimum tax liability for agricultural producers, tax reporting submission, and other technical clarifications. Most provisions will take effect from the day of publication, with certain changes effective from January 1, 2025.
