NBU Challenges Tax Proposal for Banks
- NBU warns against continuing the 50% bank profit tax
- Legislator argues tax is essential for defense funding
- Debate highlights risks to future bank lending capacity
The National Bank of Ukraine (NBU) opposes the extension of the 50% profit tax on banks, cautioning that it poses a threat to economic lending. Conversely, Danilo Hetmantsev, head of the Tax Committee in the Verkhovna Rada, insists that a new tax law is necessary to finance defense efforts.
NBU's Stance
The NBU believes that such a high tax hampers banks' ability to finance businesses and the state. According to the NBU, collecting 20 billion UAH from banks could result in a loss of 200–300 billion UAH in future lending potential. Additionally, state-owned banks already contribute dividends, facing a discriminative tax rate of 25%, compared to the standard 18%, which may deter prospective investors ahead of privatization.
Hetmantsev's Response
In response, Hetmantsev dismissed the NBU's arguments, claiming that a "financial laundering" issue associated with Sens Bank, allegedly linked to NBU head Andriy Pyshnyy, is what truly deters investors. He noted that in 2025, banks earned 579.3 billion UAH through government securities, thus considering additional taxation a necessary step for budget enhancement by 2027.