Ukraine’s President Volodymyr Zelenskiy is expected to sign the 2025 budget tomorrow, 28 November 2024.
The parliament passed the budget on 19 November 2024. It emphasises increasing taxes to fund its ongoing war with neighboring Russia.
Ukraine relies on tax revenues to fund its defense efforts and increasing taxes is one of the primary means to meeting the escalating demand for weapons and ammunition as the war with Russia exceeds 33 months.
“The main point is that all of Ukraine’s financial needs for the near future and the next year are fully guaranteed,” said Zelenskiy.
Ukraine’s Finance Minister, Serhiy Marchenko, said that the country expects tax increases to bring in an additional UAH 141 billion (USD 3.39 billion) in the budget revenue.
As per the budget discussions, significant funds will be allocated to weapons production and procurement which includes drone acquisitions to modernise Ukraine’s defense industry.
