Ukrainian government approves higher excise tax rates and royalties

Ukraine`s Cabinet of Ministers has approved draft amendments to the Tax Code outlining an increase in some taxes, adjusted according to consumer price indexes and industrial producers` prices.

A decision in this regard was made at a government meeting, it was reported.

Finance Minister Oleksandr Danylyuk noted that it was a technical issue, which was being implemented annually. 

”Changes in tax rates, namely, excise tax, environmental tax and royalties. This will result in additional revenues to the budget worth about UAH 5.2 billion,” Danylyuk stated.

The decision regarding a gradual increase in tax rates is in line with the requirements of the Association Agreement signed between Ukraine and the European Union.

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