Zelenskyy signs law to increase military spending by US$12 billion

Ukrainian President Volodymyr Zelenskyy has signed a law increasing military budget spending by 500 billion hryvnias (about US$12 billion).

Source: the law on the website of the Verkhovna Rada (Ukrainian Parliament)

Details: The Verkhovna Rada voted to increase the budget for military needs on 18 September.

Roksolana Pidlasa, Chair of the Rada's Budget Committee, explained the sources of the additional 500 billion hryvnias for defence:

• 115.4 billion hryvnias (US$2.8 billion) would be taken from the reduction of expenditures on servicing and repayment of the state debt;
• 216 billion hryvnias (US$5.2 billion) would be allocated from the additional domestic government debt bonds;
• 100 billion hryvnias (US$2.4 billion) would be taken from the over-fulfilment of the tax collection plan; 
• 30 billion hryvnias (US$719 million) would be collected from tax revenues from tax increases;
• 12.7 billion hryvnias (US$304 million) would come from an increase in excise tax rates on tobacco and petrol.

Background: The Verkhovna Rada voted in favour of draft law no. 11416-d on tax increases in the first reading.

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