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Ukraine’s Fiscal service boasts revenues from single social security contribution,

Ukraine’s Fiscal service boasts revenues from single social security contribution,

KEIV: Revenue from the single social security contribution in January-November 2017 soared by 37.3%, or by UAH 43.8 billion (US$1.6 billion) year-over-year (y-o-y), to UAH 160.9 billion ($5.9 billion), according to the State Fiscal Service (SFS) of Ukraine.

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.