New taxes for IT business will go to the development of the Human Capital Development Fund

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New taxes for IT business will go to the development of the Human Capital Development Fund 

On September 4, the Cabinet of Ministers met with representatives of the IT industry. The topic of the meeting was to increase taxes by 2 times. Recall that Alexey Goncharuk, Prime Minister of Ukraine, expressed the government’s intentions to launch the “Human Capital Development Fund”, the financing of which is planned due to a new additional tax for the federal budget in the IT field.

“The new option will provide IT with stable, predictable work of companies, the possibility of long-term planning, and it will m ake it impossible to speculate on the topic of hidden labor relations,” the government said.

The fund plans to launch in 2020. Fund Objectives:

  • creating new courses and campuses for IT professionals;
  • funding scholarships for students of Ukrainian universities;
  • grants to young scientists.

It turns out that according to the creation of such a fund and the introduction of a new tax, IT companies will be sponsors of competitors.

This is what the scheme for collecting taxes from IT companies looks like:

  • 5% single tax.
  • 1.5% military duty.
  • ERUs with two minimum salaries
  • The fee for the development of human capital (at first it will be 1%, but it will grow annually until it reaches 5% of income in 2024).New taxes for IT business will go to the development of the Human Capital Development Fund 

That is, FOPs in the field of IT in 2020 will pay 6% of their income and 22% of ERUs of the minimum monthly salary. They promised to make an additional tax voluntary.

According to the government’s calculations, in 2020 the new tax will allow accumulating UAH 500 million in the Fund.

Of course, Ukrainian IT associations criticized such an initiative and are convinced that it is threatening the development of the IT sector

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