The National Bank supports the increase in income taxes for banks
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The National Bank supports the initiative to increase income taxes for banks in the form of an increase in the interest rate of income tax.
NBU Chairman Andriy Pishnyi told about this during the press briefing.
“In Ukraine, the introduction of an additional profit on the income of banks can be a justified temporary step given the conditions of the war. We currently see reasons both financial and legal, and if you want to support this initiative from the point of view of social justice,” he said.
The head of the regulator noted that the central bank is currently ready to offer a discussion on what exactly should be the object of taxation.
“In view of this series of arguments, starting from the simplicity of administration and ending with issues of balancing commission interest income, the National Bank is ready to support the increase in the interest rate of the income tax. It is this version that we will communicate in the near future with the Committee on Finance and Banking,” he added. Magnificent.
He explained that such an approach – an increased interest rate of income tax, and not only taxation of net interest income – in the opinion of the NBU, makes it possible to avoid an undesirable possible effect, when due to the absence of additional taxation of commercial income, banks will begin to carry out their pricing symmetrically in a certain way and commissions will begin grow.
“We believe that the discussion should revolve primarily around the fact that during this period the banks received colossal resources, liquidity in fact at a zero rate and very slowly perceived the messages-impulses that came from the NBU regarding the need to offer the market, individuals and legal entities fair and honest interest rate.
There cannot be exceptional financial winners in this financial situation in which we all find ourselves,” Pyshnyi summarized.
We remind you:
The National Bank twice will lower the share of time deposits of individuals, which banks can invest in three-month deposit certificates at the discount rate, i.e. 20% per annum. It will decrease from 70% to 35%.
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