Ukraine's Parliament Approves Wartime Tax Hike Amid Prolonged Conflict

Ukraine's parliament has approved significant tax increases to support the nation's finances as the ongoing war with Russia continues. The new law raises the war tax from 1.5% to 5% for residents and imposes higher taxes on individual entrepreneurs and small businesses. The law was supported by 247 deputies.

Ukraine's parliament has taken a decisive step to bolster the country's financial stability amid the ongoing war with Russia. Lawmakers voted on Thursday to implement a series of tax hikes, a measure deemed necessary as the conflict shows no signs of abating.

The new legislation, supported by 247 deputies, increases the war tax for residents from 1.5% to 5%. Additionally, individual entrepreneurs and small businesses will face higher tax rates, reflecting the government's urgent need for revenue to sustain its wartime economy.

The tax increases aim to shore up Ukraine's shaky finances as the country grapples with the prolonged impacts of the war. Officials argue that these measures are crucial to funding military operations and essential public services in the face of continued aggression.

(With inputs from agencies.)