Ukraine increases excise taxes on alcohol and cigarettes
From April 1st 2014 in Ukraine came into force law that includes increase of excise taxes on alcoholic and tobacco products. It is one of the terms for receiving financial aid from International Monetary Fund (IMF).
On April 1st in Ukraine came into force law for preventing financial catastrophe and creating conditions for economical growth. The law, among other issues, includes increase of excise taxes on alcoholic and tobacco products: 42.5% on beer and 25% on other alcoholic and tobacco products.
Besides, in the law is told about increasing taxes on using subsoil and radiofrequencies, 7% VAT on operations for medicine deliveries and also progressive taxation scale of citizens' passive incomes.
It means that Ukraine citizens that receive percents on bank deposits more than one million grivna will have to give fourth part of these profits to the state.
Also is being introduced duty on obligatory state pension insurance at the rate of 0.5% during making operations of buying foreign currency in cash or non-cash form by legal persons and individuals.
Law about preventing financial catastrophe is part of package of reforms that open access for Ukraine to international financial aid. Implementation of economical reforms is condition for receiving credit from International Monetary Fund (IMF) in amount of 18 billion USD.