The tax report for February has been released by Ukraine’s Ministry of Finance. It reveals a notable surge in contributions from the gambling sector.
Ukraine saw a total contribution of UAH 184.8 billion or $4.85 billion in taxes and fees from all businesses and sectors during February. This marks a 65% increase compared to January. Payments to the State Tax Service accounted for UAH 107.4 billion or $2.82 billion. It shows a significant uptick of 78%. Different taxes like corporate income tax, dividends, value-added tax, personal income tax, military levy, exercise tax, and rent were included in this amount.
Nevertheless, income from the State Customs Service experienced a decline of 15.9%. This amounts to UAH 39.8 billion or $1.04 billion. In spite of this decrease, the general and special funds of the state budget received a total of UAH 229 billion or $6.01 billion by the end of the previous month. This has approximately UAH 36.1 billion or $0.95 billion allocated to the Pension Fund and social insurance funds.
Moreover, the noteworthy increase in tax contributions from the gambling industry totaled UAH 1.8 billion or $0.047 billion. This represents a 370% surge from the previous month and highlights the sector’s vigorous performance.
Last January, the gambling sector’s contribution stood at UAH 400 million or $10.5 million. This made February’s figures particularly prop up.
In August of last year, the country restored an 18% turnover tax on online gambling. This aims to bolster revenue streams. Apart from this, Ukraine has intensified its crackdown on illegal gambling activities and the influence of Russian gambling companies within the country’s borders. Ukraine pledged to eliminate any entities funneling gambling proceeds to Russian’s economy following Russia’s invasion.
In connection to this, the US Gaming Control Board in Nevada has offered assistance to Ukraine in expelling Russian influence from its gambling industry.