The Verkhovna Rada of Ukraine on December 20 canceled a 2% pension fee when buying foreign currency by individuals.
The provision was included in budget bill No.5132 ”On Amendments to the Tax Code.”
The document amends the law ”On a fee for obligatory state pension insurance.”
The MPs excluded from the revenues of the general budget fund a fee for obligatory state pension insurance in cash foreign currency purchases.
The press service of the National Bank of Ukraine has welcomed the decision of the Verkhovna Rada, calling it ”an important step toward de-shadowing the foreign exchange market.”
As UNIAN reported earlier, the mandatory pension tax on purchases of cash and non-cash foreign currency at a 0.5% rate was introduced for legal entities and individuals in 2014.
In early 2015, the Law of Ukraine on amendments to the Tax Code of Ukraine and some legislative acts of Ukraine on tax reform raised the fee to 2%. Legal entities and non-cash currency purchases were exempt from the tax.