Published by Global Banking & Finance Review®
Posted on November 28, 2024
2 min readLast updated: January 28, 2026
Add as preferred source on Google
Ukraine's 2025 budget, featuring wartime tax hikes, will be signed by Zelenskiy to ensure defense funding as the conflict with Russia continues.
(Reuters) - President Volodymyr Zelenskiy said on Wednesday that he would sign Ukraine's 2025 budget the following day, a document calling for the country's first wartime tax increases.
Zelenskiy said he would sign the budget after parliament, which passed it last week, formally submitted it.
He had discussed its provisions, and Ukraine's financial preparedness, earlier in the day with Prime Minister Denys Shmyhal and members of the assembly.
"The main point is that all of Ukraine's financial needs for the near future and the next year are fully guaranteed," he said in his nightly video address.
Ukraine funds its defence efforts with tax revenues and increases are vital to boost spending to meet the growing need for weapons and ammunition as the war with Russia extends past the 33-month mark.
Russian forces have been making steady gains on eastern sectors of the 1,000-km (600 mile) front line as Kyiv's troops battle a larger and better equipped enemy.
Finance Minister Serhiy Marchenko has said that Ukraine hopes tax increases will generate additional budget revenues of 141 billion hryvnias ($3.39 billion).
As parliament debated the budget last week, Shmyhal said record sums would be directed to weapons production and purchases, including modernising Ukraine's weapons industry and purchasing drones.
(Reporting by Ron Popeski; Editing by Alistair Bell)
The main topic is Ukraine's 2025 budget, which includes wartime tax increases to fund defense efforts.
Tax increases are included to generate additional revenue for defense spending as Ukraine continues its conflict with Russia.
President Zelenskiy discussed the budget provisions with Prime Minister Denys Shmyhal and members of the assembly.
Explore more articles in the Finance category
