Tax and accounting insights for Ukraine
10.07.24
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Government approves draft law on cashback

The Cabinet of Ministers has approved a draft law that proposes to amend the Tax Code of Ukraine regarding the implementation of the cashback program, Ekonomichna Pravda reports.

The government made the decision on July 9.

"The total monthly (annual) taxable income of a personal income tax payer does not include income in the form of funds received as part of a pilot project to provide state financial assistance (cashback) to buyers of Ukrainian goods within the framework of the All-Ukrainian Economic Platform "Made in Ukraine" under the conditions determined by the Cabinet of Ministers," the bill says, a copy of which is available to the EP.

The document was submitted to the government by the Ministry of Economy in pursuance of President Volodymyr Zelenskyy's decree No. 31 of January 26, 2024, on the All-Ukrainian Economic Platform "Made in Ukraine".

Thus, if the relevant changes are adopted by the Verkhovna Rada, the main obstacle to the implementation of the cashback program, which Zelensky announced on February 26, will be removed. To launch it, after the relevant amendments come into force, the government will only need to adopt a resolution with the terms of the program.

Earlier it was reported that the cashback program is scheduled to be launched in September 2024. This initiative was opposed by experts from nine think tanks, who pointed out that the program is financially burdensome for the state budget and difficult to administer.

The conclusion of the Ministry of Finance states that UAH 3 billion is allocated for this program this year (the direction "Support of domestic demand for domestic goods and services").

Mykola Maksymchuk

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