Verkhovna Rada adopts law

Verkhovna Rada adopts law "On introduction of amendments into Tax Code of Ukraine as to fair taxation of individuals' incomes between 10 and 17 minimum wages"

Information Department of the Verkhovna Rada of Ukraine Secretariat
Published on 19 May 2015, at 16:48

The legislative act has introduced amendments into Item 167.1 of Article 167 of the Tax Code of Ukraine and into the Law of Ukraine "On collection and accounting of single fee for state obligatory social insurance" to unify the size of the taxable bases to receive taxes from monthly incomes of individuals.

The law raised the taxable base from 10 to 17 minimum wages and set the individual income tax rate at 15%. At the same time, if the taxable base exceeds 17 minimum wages the tax rate is set at 20%.

The Law prolongs application of reduction factor to determine the size of single fee at 0.4 for the period after January 1, 2016.

Respective draft law was registered under No. 2576.

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