Raising VAT as the most effective potential source of additional income – IMF memorandum

• The Ukrainian government is considering raising the main VAT rate as the most effective potential source of additional income
• The government is ready to implement additional tax measures if needed
• The government is working on legislation for taxing medical marijuana
• Reforms are being planned to make the tax system fairer and limit tax evasion
• Administrative reforms are needed to ensure confidentiality of tax data and provide tax authorities access to bank account information
• A new law will require digital platform operators to report income of individuals who do not register their business or use simplified taxation
• IMF experts believe that a new tax increase is likely due to budget constraints caused by a revised resource law

Source: news.dtkt.ua

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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