The State Tax Service of Ukraine has announced the issuance of Newsletter No. 6/2023, which clarifies the application of the windfall tax on banks introduced by Law 3474-IX. As previously reported, the law provided for a tax rate of 50% on the profits of banks based on the results of the 2023 tax year. The law also provides for an increased corporate tax rate of 25% for banks with effect from 1 January 2024. Some of the key points include:
- The 50% tax rate applies for the whole of 2023, wi…