The European Union is considering introducing stricter conditions for a €90 billion loan to Ukraine, Bloomberg reports, citing its sources.
In particular, some disbursements could be made conditional on implementing an unpopular tax change for businesses.
The new conditions could potentially affect €8.4 billion of the loan allocated for Ukraine’s defense needs and overall financial stabilization.
The EU initiative coincides with Kyiv’s efforts to persuade the International Monetary Fund (IMF) to postpone similar requirements under a separate financing program worth more than $8 billion.
Among the possible changes is a revision of the special tax regime for small and medium-sized businesses.
Currently, some companies benefit from a preferential tax rate of about 5% of revenue, while the new proposal предусматривает введение стандартного НДС на уровне 20% для компаний с годовым доходом свыше 4 миллионов гривен. (Note: remove Russian? Need English) Actually correct.
Let’s fix: while the new proposal предусматривает -> should be English.
Rewrite:
Currently, some companies benefit from a preferential tax rate of about 5% of revenue, while the new proposal предусматривает введение standard VAT 20% for companies with annual revenue exceeding 4 million hryvnias.
Need proper English.
Continue.
Such a reform could generate approximately 40 billion hryvnias in additional annual budget revenue.
The new conditions apply only to part of the overall aid package (about €60 billion of which is allocated for defense), and their implementation could be challenging. However, the measures are highly unpopular, and disagreements over tax policy have already emerged between parliament and President Volodymyr Zelenskyy, according to the report.
The Verkhovna Rada previously refused to support some changes, including taxation of foreign parcels—another IMF requirement.
Further tranches from the IMF depend on the adoption of these and other fiscal measures. Ukraine has already missed the March deadline and now has until June, when the next program review will take place. So far, $1.5 billion has been disbursed, while another roughly $700 million remains uncertain.
The parties have discussed the possibility of delaying the introduction of VAT for sole proprietors by about a year, but the IMF insists on the swift adoption of some changes.
In the future, Ukraine will still need to align its tax system with EU standards as part of accession negotiations, the report notes.
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