Cabinet works on new taxes to increase revenue. Centerpiece is tax on currency transactions proposed by the National Bank
Budget-2013 is not being fulfilled, according to recent statement by a member of Parliamentary Budget Committee Oleh Kanivets. In order to salvage the situation the Cabinet of Ministers is elaborating new taxes to raise more revenue. The major of them is tax on currency transactions proposed by the National Bank.
The elaborated draft envisages that exporters and importers will be charged 1% of the amount exchanged, and citizens upon acquisition and sale of cash - 10%. Thus, for example, when selling $100 we will get instead of 819 UAH, as it is now, mere 737.1 UAH.
The charge will not be paid on foreign currency transfers at redeeming obligations of the Ministry of Finance and exchange of foreign currency deposits to hryvnia. Therefore, according to the NBU, it will not "hit" the citizens, because savings can be kept in Ministry of Finance's securities, National Bank's investment coins (they come in gold and silver, with Archangel Michael) and multi-currency accounts. NBU plans to introduce the new tax as early as October-November.
