President of Ukraine Volodymyr Zelenskyy has signed law No. 4015-IX (draft law No. 11416-d) on raising the military levy from 1.5% to 5% and a number of other amendments to the Tax Code, according to the bill card on the Verkhovna Rada website.

It is indicated that the law was returned with the president's signature on Thursday, November 28.

Ukrainian MP Yaroslav Zhelezniak (Holos faction) said in the Telegram channel that the law will come into force after its publication on November 30.

According to him, due to the delay in signing the law for 44 days, the state budget has potentially lost revenue in the amount of UAH 12 billion.

He said that in 2024 the bill would bring in only UAH 8 billion, and in 2025 some UAH 141 billion, while earlier the Ministry of Finance expected revenues from tax changes to the 2024 state budget at the level of UAH 58 billion, and to the 2025 state budget some UAH 137 billion.

As reported, on October 10, the Verkhovna Rada adopted as a whole bill No. 11416-d on amendments to the Tax Code on the specifics of taxation during martial law. The document provides for an increase from October 1 of this year in the military tax from 1.5% to 5%, the bank income tax to 50% for 2024, and an increase in a number of other taxes and fees.

In turn, the bill was criticized by the EBA, the American Chamber of Commerce in Ukraine, the Independent Association of Banks of Ukraine (NABU), and the Forum of Leading International Financial Institutions, which proposed that the state pay attention to the shadow sector instead of raising tax rates.