The Verkhovna Rada of Ukraine approved draft law No. 3688 concerning amendments to the Tax Code and other legislative acts aimed at balancing budget revenues in 2016. The decision was adopted in two readings at once.
As part of these changes, parliamentarians approved a new taxation procedure for car owners. According to it, an annual fee of 25 thousand hryvnias will be paid by those who own passenger cars more expensive than 750 minimum wages. Given that the minimum wage for 2016 is set at 1378 UAH, the threshold for paying the tax starts at 1.033 million UAH.
In addition, deputies supported an increase in the excise tax on automobile fuel. From January 1 to June 30, 2016, the excise tax will be increased by 13%, which will certainly affect the price of gasoline for consumers.
