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 President Signs Amendments to the State Budget and Tax Code to Provide for Higher Defense Spending

President of Ukraine Petro Poroshenko signed the laws on amending the state budget and the tax code that would increase the revenue side of the budget, reduce the cost of the state apparatus and improve funding of the needs of the Armed Forces.

Censor.NET citing the press service of the Head of State reports that the law "On Amendments to the Tax Code of Ukraine and some other legislative acts of Ukraine" temporarily, until 1 January, 2015 introduces a new nation-wide military collection, which will be charged at the rate of 1.5% on the income of individuals.

Until January 1, 2015 temporary increases of rent will include the rent on the extraction of iron ore - from 5% to 8%, oil - from 39% to 45%, gas deposits of up to 5 km - from 28% to 55% and gas deposits of over 5 km - from 15 % to 28%.

The Law "On Amendments to the Law of Ukraine "On State Budget of Ukraine for 2014" reduces by 70% the cost of activities of a number of central bodies of executive power. Overall reduction in the cost of these bodies constitutes 582.2 million hryvnias (approximately $ 50 million).

Read also: Cabinet of Ministers Wants to Increase Spending on the ATO and Restoring of the Donbas for 11,9 Billion Hryvnas

Also reduced are the labor costs of the Members of Parliament by 30.8 million hryvnias. Until the completion of the anti-terrorist operation the MPS' wages will be accrued only in the amount of their base salary.

The Law also increases funding for the anti-terrorist operation, elimination of the consequences of possible emergency situations, placing the citizens of Ukraine, who moved from the temporarily occupied territories and regions of the anti-terrorist operations, as well as the restoration of social infrastructure destroyed during the hostilities by 11.038 billion hryvnias (nearly $ 1 billion).

 
 
 
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