March 20, 2024, 17:22

Economist: Nearly 70% of tax revenue in 2023 stemmed from individuals

Close to 70% of the total tax haul gathered by both central and local coffers in 2023 originated from individual taxpayers. 

That’s according to economist and financial analyst Oleksiy Kushch, speaking at a briefing held at the Media Center Ukraine – Ukrinform.

“In 2023, the combined tax intake for central and local budgets amounted to a staggering $1.2 trillion, collected by the State Tax Service, exclusive of customs duties. Among these levies, 41% constituted personal income tax, which stands as the foremost revenue source for governmental coffers. Taxation can be categorized into what businesses contribute and what individuals contribute. Individuals accounted for 41% of the personal income tax. An additional 9% represented excise taxes, also footed by individuals as end consumers of excisable products. Furthermore, 19% comprised the value-added tax on goods and services manufactured within Ukraine, once again an indirect levy borne by the populace as end-users. Consequently, nearly 70% of tax revenues were attributable to individual taxpayers,” he explained.

Read more: