Ukraine's Fiscal Service boasts revenues from single social security contribution

Photo from UNIAN

"As of December 1, the target set by Ukraine's Finance Ministry has been reached in full. The expected extra revenue from the single social security contribution for 2017 will be about UAH 20 billion [$736.9 million] taking into account the revenues in December," it said.

As UNIAN reported earlier, in late December 2015, the Verkhovna Rada of Ukraine adopted amendments to the Tax Code setting a single social security contribution at 22%, whereas earlier the rate of this tax could reach 41%, which led to a reduction in the tax collection figures in 2016. However, it began to grow after the minimum wage had been raised to UAH 3,200 ($118) from January 1, 2017.