The Law introduces significant amendments to the Tax Code of Ukraine and other laws regarding taxation during martial law. The main innovations are:
- Increase in 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 in the corporate income tax rate for banks to 50% in 2024.
- Changes in taxation of subsoil use rent, particularly regarding the determination of the actual selling price of minerals.
The Law also contains changes concerning the minimum tax liability for agricultural producers, tax reporting submission, and other technical clarifications. Most provisions will take effect the day following publication, with certain changes effective from January 1, 2025.
