The state budget of Ukraine received UAH 341.1 million in revenues from pension taxation in January-June, the press service of the State Fiscal Service (SFS) reported.
The amount of the tax paid in 2015 was estimated at UAH 1.08 billion, according to the report.
The SFS recalled that from July 1 this year, pensions are exempt from taxation that do not exceed ten times the minimum income level set as of January 1 of the reporting (tax) year for persons who have lost ability to work (UAH 10,740 in 2016).
With regard to pensions exceeding the established amount, the excess amount will be taxed at a rate of 18% and 1.5% respectively.
Personal income tax revenues from taxation of pensions are projected to amount to UAH 36 million by the end of the year, according to the SFS.
As UNIAN reported earlier, since March 1, 2014 Ukraine has imposed income tax with regard to pensions exceeding the minimum wage by more than three times. As of January 1, 2016 it amounted to UAH 4,134 ($166), and from May 1 – UAH 4,350 ($175). Taxation at a rate of 15% is applied for the amounts of pension payments that exceed three minimum wages.
On June 2, the Verkhovna Rada adopted the bill on raising the amount of pensions that are subject to taxation from UAH 4,350 ($175) to UAH 10,740 ($432) and introduced a tax rate of 18% for the sum that exceeds this amount. Also, the parliament has not abolished limitations on payments of pensions to working pensioners. On June 10, President of Ukraine Petro Poroshenko signed the law.
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