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Business supports the abolishment of the taxation on returns from deposits

09/ 10/ 2020
  Yesterday, the media reported that the National Bank of Ukraine is proposing to abolish the taxation of return from deposits. Anna Derevyanko. EBA Executive Director. The business strongly welcomes this initiative. At the beginning of the quarantine, we repeatedly appealed to the President, the Prime Minister, the Speaker of the Verkhovna Rada, the Ministry of Finance, etc. with this proposal, but so far it has not found support. I really hope the voice of the business will be heard now because such an initiative will definitely help to support both the population and the banking sector during the crisis. Thus, 19.5% of taxes now need to be paid on the income received from placing a deposit. It is important to note that it is not the amount of the deposit placed in the bank that is taxed, but only the accrued interest. Currently, the return from deposits is subject to the personal income tax rate of 18% and a military tax of 1.5%. According to the Governor of the NBU, the Ministry of Finance did not respond to such a proposal. However, the European Business Association once again appeals to the President of Ukraine, the Prime Minister of Ukraine, and the Minister of Finance of Ukraine to abolish taxation on deposit returns as one of the anti-crisis measures to reduce fiscal pressure and support the business during the quarantine.   Be the first to learn about the latest EBA news with our Telegram-channel – EBAUkraine.

Yesterday, the media reported that the National Bank of Ukraine is proposing to abolish the taxation of return from deposits.

Anna Derevyanko EBA Executive Director
The business strongly welcomes this initiative. At the beginning of the quarantine, we repeatedly appealed to the President, the Prime Minister, the Speaker of the Verkhovna Rada, the Ministry of Finance, etc. with this proposal, but so far it has not found support. I really hope the voice of the business will be heard now because such an initiative will definitely help to support both the population and the banking sector during the crisis.

Thus, 19.5% of taxes now need to be paid on the income received from placing a deposit. It is important to note that it is not the amount of the deposit placed in the bank that is taxed, but only the accrued interest. Currently, the return from deposits is subject to the personal income tax rate of 18% and a military tax of 1.5%.

According to the Governor of the NBU, the Ministry of Finance did not respond to such a proposal.

However, the European Business Association once again appeals to the President of Ukraine, the Prime Minister of Ukraine, and the Minister of Finance of Ukraine to abolish taxation on deposit returns as one of the anti-crisis measures to reduce fiscal pressure and support the business during the quarantine.

 

Be the first to learn about the latest EBA news with our Telegram-channel EBAUkraine.

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