Source: US News & World Report
“Parliament approved Ukraine’s first major wartime tax increases on Thursday to shore up its finances as war with Russia drags on with no end in sight. Yaroslav Zhelezniak, a lawmaker from the Holos party, said 247 of 450 deputies in the Verhovna Rada had approved the increase. Ukraine spends the bulk of its revenue on funding its army, and the current level of taxation has been insufficient to cover rising defence spending, which has boomed since Russia’s full-scale invasion in February 2022, the finance ministry said.” (10/10/24)