Finance Ministry proposes increasing excise duty rates by 12%

11:40, 25.08.2016 1 min read

Ukraine's Cabinet of Ministers has approved a bill amending the Tax Code of Ukraine regarding revision of some tax rates and sent it to parliament.

Finance Minister Oleksandr Danyliuk said at a government meeting on August 23 that the excise, environmental tax rates and royalties will be revised, taking into account consumer price and industrial prices indexes.

"This would result in additional revenue of consolidated budget in 2017 of UAH 5.2 billion," Danyliuk said.

According to the draft amendments to the Tax Code of Ukraine, excise duty rates will be increased by 12%, royalty and environmental tax – by 10.3%, the forecast growth of prices in industry.