**Ukraine’s Tax Revenue Hits $24 Billion in 2024**
The Ukrainian Finance Ministry reported that the country collected over 1 trillion hryvnias ($24 billion) in tax revenue for 2024. This amount includes:
* Corporate income tax: Hr 270.8 billion ($6.5 billion)
* Value added tax: Hr 267.8 billion ($6.4 billion)
* Personal income tax and military tax: Hr 233.6 billion ($5.6 billion)
* Excise tax: Hr 133.5 billion ($3.2 billion)
The revenue is expected to help address Ukraine’s budget deficit, which is projected to be $35 billion in 2025.
**Tax Reforms Aim to Plug Deficit**
A tax increase bill signed by President Volodymyr Zelensky in November is expected to raise an additional Hr 8 billion ($190 million) this year and Hr 141 billion ($3.4 billion) next year. The bill also increased military tax for citizens from 1.5% to 5%.
**Record Profits for Banks**
Banks, which are experiencing record profits, will see their profit taxes increase to 50% in 2024. Other financial institutions will face a 7% tax hike starting in January 2025.
**Military Developments**
The Ukrainian special unit Group 13 launched SeeDragon missiles from the Magura drone during a battle off the Western tip of occupied Crimea. Russian forces suffered 1,610 casualties over the past day.
**International Relations**
China‘s President Xi Jinping emphasized that China and Russia are working together on a “path of non-alliance, non-confrontation.” Ukraine has expressed its concerns about Russia’s military presence in Syria.
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