IMF Tells Ukraine To Collect More Taxes

IMF chief Gavin Gray told NV Business on Monday that Ukraine needs to collect more taxes since Ukraine will require additional tax revenue to pay for its increased social expenditures after the war ends.

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The head of the International Monetary Fund (IMF) mission in Ukraine has cautioned that Ukraine must find methods to finance itself as international assistance will decrease.

Gavin Gray recommended that Kiev concentrate on increasing tax revenue in an interview with the NV Business portal.

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FILE PHOTO: Independence Square in Kiev, Ukraine, September 2023. ©  Oliver Weiken / picture alliance via Getty Images

“Everyone understands that over time international support for Ukraine will decrease, so the country needs to develop internal resources for self-financing. The authorities should focus on strengthening the capacity to collect revenues – both tax and customs,” Gray told NV Business on Monday.

After the country’s battle is over, Ukraine will require additional tax revenue to pay for its increased social expenditures, he continued.

According to Reuters and CNN, Russia’s Navy Port at Sevastopol is on fire after a massive Ukrainian missile attack.

A four-year deal for Kiev to receive $15.6 billion in loans was authorized by the IMF in March. Over $3.5 billion has already been distributed in two tranches.

The IMF delegate claims that in order for Kiev to meet the requirements for help laid forth by the organization, including business tax audits and amendments to the law combatting money laundering and terrorist financing, a number of tax reforms must be put into place.

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