The Ukrainian parliament voted on Friday to return the level of taxes, starting in August, to the rates that were before the beginning of the Russian invasion, reports Reuters.

Deputy Yaroslav Zheleznyak reported that the Kyiv parliament approved the project, which provides for the abolition of the 2% single tax for hundreds of small and medium-sized entrepreneurs, and an increase in tax rates for them.

Shortly after the start of the Russian invasion on February 24, 2022, the Ukrainian government introduced significant tax cuts and other economic measures to help businesses affected by the war.

“After a long debate, the parliament supported the tax bill as a whole. The adoption of this law is an important condition discussed in the agreement with the IMF,” Zheleznyak wrote in his Telegram channel.

Ukraine’s Finance Minister Serhiy Marchenko said in an interview with Reuters this month that the measure would bring up to 10 billion hryvnias ($271 million) in additional revenue to the state budget by the end of the year.

Ukraine is heavily dependent on foreign aid this year, as its economy was devastated by Vladimir Putin’s war last year.

The abolition of tax benefits and an increase in revenues to the budget are the key conditions of the IMF in the framework of the agreement on providing Kyiv with a loan of 15.6 billion dollars.

Follow the latest events of the 492nd day of the war in Ukraine LIVETEXT on HOTNEWS.RO.