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Ukrainian Lawmakers Pass 2016 Budget

by Ulrika Lomas, Tax-News.com, Brussels

29 December 2015


Ukraine's Parliament signed off on the country's 2016 Budget on December 25, after approving a package of tax reforms on December 24.

The changes to the tax code include a reduction in the payroll tax from 41 percent to 22 percent. To offset the revenue impact of the tax cut, the Ministry of Finance put forward measures to streamline government spending and intends to broaden the tax base.

Parliament also approved proposals that will unify the personal income tax regime under an 18 percent rate and increase excise duties on tobacco, fuel, and alcohol.

The 2016 Budget targets a deficit of 3.7 percent of gross domestic product (GDP). Ukraine sought to fast track talks on a replacement budget to secure a USD17.5bn tranche of financial aid from the International Monetary Fund (IMF).

Ahead of the Budget announcement, David Lipton, First Deputy Managing Director of the IMF, on December 18, 2015, urged Ukraine to implement structural reforms to remove tax exemptions and widen the tax base.

TAGS: Finance | tax | gross domestic product (GDP) | budget | International Monetary Fund (IMF) | payroll | excise duty | legislation | tax reform | individual income tax | Ukraine

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