According to Experts Club, electric vehicles in Ukraine will remain more cost-effective than internal combustion engine vehicles even after full taxation on their import is restored, says Serhiy Kuyun, director of the “A-95” Consulting Group.
According to Enkorr, a 20% VAT is set to be reinstated on electric vehicle imports into Ukraine starting January 1, 2027. Meanwhile, the preferential regime in effect until the end of 2026 exempts electric vehicles from VAT and import duties.
According to Kuyun’s assessment, the elimination of this exemption will make electric vehicles more expensive to purchase, but it will not deprive them of their main advantage—significantly lower operating costs.
“Even with all taxes included, an electric vehicle remains cost-effective. The electricity needed to charge it is significantly cheaper than fuel for a vehicle with an internal combustion engine,” the expert notes.
The savings on operating costs are particularly noticeable with high annual mileage. If an electric vehicle consumes about 15–20 kWh of electricity per 100 km, then when charged at home, the cost of such a trip remains several times lower than the cost of gasoline or diesel fuel for a vehicle of a similar class.
An additional advantage of electric vehicles is the simpler design of their powertrain. They lack a number of components and consumables typical of vehicles with internal combustion engines, which potentially reduces the cost of regular maintenance.
According to Kuyun, the Ukrainian market has already reached a stage of development where tax incentives are no longer the main driver of demand for electric vehicles. In recent years, the model lineup has expanded significantly, the used-car market has grown, and the charging station infrastructure is developing.
At the same time, the reinstatement of the VAT could have a noticeable impact on the market immediately before the end of the tax incentive period. Buyers planning to purchase an electric vehicle may try to import and register it by the end of 2026 to take advantage of the current tax incentives.
As a result, electric vehicle imports may accelerate further in the final months of 2026, after which the market may undergo a correction period in early 2027.
For comparison: with a customs value of 20,000 euros for an electric vehicle, the 20% VAT refund alone potentially increases the tax component by approximately 4,000 euros, without taking into account the specifics of determining the tax base and other payments. However, for an owner with high annual mileage, part of this difference is gradually offset by lower energy and maintenance costs.
Analysts at Experts Club note that the future dynamics of the Ukrainian electric vehicle market will no longer depend solely on tax incentives. The cost of electricity and automotive fuel, the development of charging infrastructure, prices for new and used electric vehicles, the condition of batteries, and the residual value of vehicles on the secondary market will become increasingly important.
Therefore, the reinstatement of full taxation may alter the structure of imports and slow the market’s growth rate; however, it does not, in and of itself, eliminate the economic advantages of electric vehicles for a significant portion of drivers.
Original source: Enkorr – “Electric Vehicles Will Remain Cost-Effective Even With All Taxes — Expert”.
The National Securities and Stock Market Commission of Ukraine (NSSMC) sees opportunities for the revival of the municipal bond market in Ukraine, is actively working toward this goal, and supports a bill on preferential taxation of individual income from these instruments, said Commission Chairman Oleksiy Semenyuk.
“I believe this is possible (the revival of the municipal bond market). Moreover, this process is already underway on a fairly large scale,” he said during a discussion on the prospects of the stock market in Ukraine, organized by the Kyiv International Economic Forum last week.
Semenyuk clarified that a meeting is tentatively scheduled for October 2 with representatives of cities with populations of 100,000 or more—which will also include representatives from the Ministry of Finance—to discuss the main issues hindering the progress of this process.
“The main problems there are clear and have been identified… I want to note that I believe in municipal bonds,” emphasized the Commission chairman.
According to him, cities have development budgets, and they currently have significant needs for a rapid transition to energy independence, so bonds are an attractive instrument for them.
Semenyuk believes that municipal bonds could also be of interest to investment funds and local revenue-generating enterprises.
At the same time, Serhiy Fursa, deputy director of securities trading at the investment firm Dragon Capital, expressed doubt that municipal bonds would attract investors under current conditions, when the Ministry of Finance is placing domestic government bonds on the market, the income from which is tax-exempt.
“This would be a good instrument, but, again, we have domestic government bonds and their yields, as well as the need to provide a risk premium. By the way, I don’t quite understand—and this is a question for analysts—how to assess the solvency of cities in Ukraine. At the moment, I don’t really see much demand for this,” the expert noted.
According to him, the main buyers right now are individuals who are focused on returns and tax benefits.
The head of the National Securities and Stock Market Commission (NSSMC) reported that two bills on tax incentives are currently being considered for passage through the Verkhovna Rada. He clarified that the first concerns investment accounts exempt from personal income tax provided the investment term is at least three years, while the second concerns the “5+5” scheme: a 5% personal income tax rate and a 5% military levy instead of the current 18% + 5%. Semenyuk added that discussions regarding the latter bill are ongoing with the Ministry of Finance.
bond, city, INVESTMENT, NSSMC, TAX
According to Fixygen, the German Ministry of Finance has drafted a proposal to reform the taxation of crypto assets, which would introduce a 25% tax rate on profits from the sale of Bitcoin, Ethereum, and other cryptocurrencies, regardless of the length of time the asset was held.
The corresponding draft bill is in the early stages of approval within the federal government, Handelsblatt reported on September 9, citing a document obtained by the publication. Germany currently remains one of the most attractive major European jurisdictions for long-term private investors in cryptocurrencies. Under current rules, profits from the sale of crypto assets held for more than one year are generally not subject to income tax. If an asset is sold within 12 months of purchase, the profit is classified as a private sale of property and taxed at the taxpayer’s individual rate. This procedure was confirmed by official clarifications from the German Ministry of Finance on March 6, 2025.
The new model is expected to fundamentally change this approach. It is proposed to reclassify crypto assets from the category of private property transactions to the category of capital gains and tax them similarly to profits from stock transactions. The base rate of the Abgeltungsteuer will be 25%. Taking into account the solidarity surcharge, the effective tax rate could reach 26.375%, excluding any potential church tax.
The proposed rules would apply only to cryptocurrency acquired after December 31, 2026. For Bitcoin, Ethereum, and other assets purchased earlier, the current tax regime is expected to remain in place.
The bill calls for the new rules to take effect on January 1, 2027. However, automatic tax withholding by German cryptocurrency service providers is planned to be introduced only on January 1, 2028, to give platforms time to restructure their accounting systems.
The Ministry of Finance estimates that the rule change will generate approximately EUR 160 million in additional tax revenue for the budget in 2028. In subsequent years, the amount is expected to increase and, according to the ministry’s calculations, reach approximately EUR 350 million in 2030.
The reform will effectively eliminate the main tax advantage of long-term cryptocurrency ownership in Germany. It will no longer be sufficient for an investor to hold Bitcoin or Ethereum for more than a year to fully exempt the profit from the sale from taxation.
However, a final decision has not yet been made. The Ministry of Finance’s draft is in the early stages of interagency coordination, after which the document must undergo further review by the government, the Bundestag, and the Bundesrat.
Separately, Germany is already increasing tax transparency for transactions involving digital assets. In November 2025, the Bundestag approved the implementation of the European DAC8 Directive, which requires crypto service providers to report information on certain customer transactions to tax authorities.
The Ukrainian engineering and construction company “Rauta” has been included in the list of taxpayers with a high level of voluntary compliance with Ukrainian tax legislation, the company reported, citing Order No. 600 of the State Tax Service dated August 31, 2026.
According to Rauta, the company fulfills its tax obligations in a timely and complete manner and has no tax arrears.
“Responsible business is not just about fulfilling obligations, but first and foremost about the values that guide the company every day. Honesty in all aspects of our work and the conscientious payment of taxes are our contribution to strengthening Ukraine’s economy,” said Andriy Ozeychuk, director of Rauta.
On September 7, the State Tax Service reported that as of August 2026, 9,706 business entities had been included in the new list of taxpayers with a high level of voluntary compliance with the law—the highest number since the list was first compiled. Compared to August 2025, their number increased by nearly 36%.
Of the total, 9,132 are legal entities, including 5,068 companies under the general taxation system, 484 “Diya.City” residents, 1,707 legal entities that are Group III single-tax payers, and 1,873 Group IV single-tax payers. Another 574 entities on the list are individual entrepreneurs.
The companies included in the list paid 192.7 billion UAH in taxes to the consolidated budget from January through June 2026, representing 16.23% of all tax revenues for that period. The State Tax Service intends to publish the official list, approved as of August, on its website on September 18. Notifications were sent to the included taxpayers via their online accounts on September 1.
The State Tax Service compiles this list quarterly. General requirements include having no tax arrears or violations of reporting deadlines, not being classified as a high-risk VAT payer, and having no sanctions or bankruptcy proceedings. For legal entities under the general tax system, the list also takes into account the level of corporate income tax and VAT payments compared to industry averages, as well as employee salary levels.
Rauta has been operating in the Ukrainian construction market for over 25 years and specializes in the design, supply, and installation of structures for commercial and industrial buildings, the renovation of facilities, and general contracting. The company is the exclusive supplier in Ukraine of commercial products from the Finnish Ruukki Group. According to Rauta, the company has completed over 1,000 projects and supplied more than 2 million square meters of sandwich panels since its inception.
As of July 1, 2026, the Poltava region ranked first in Ukraine in terms of the average amount of tax debt per debtor company.
According to data from the State Tax Service cited by Opendatabot, the average tax debt per company in Poltava Oblast is approximately 2.78 million UAH.
Kirovohrad Oblast ranks second in this metric, with an average of about 2.2 million UAH per company in debt.
These figures significantly exceed the national average. In total, 218,731 companies owe the state 263.32 billion UAH, meaning the average debt is approximately 1.2 million UAH per company.
However, the largest number of debtors and the largest absolute amount of debt are concentrated not in the Poltava region, but in Kyiv. There are 58,056 debtor companies registered in the capital, with a combined debt of 96.06 billion UAH.
Thus, regional statistics reveal a significant difference between the number of debtors and the size of the debt: Kyiv dominates in terms of absolute figures, while Poltava Oblast leads in terms of the average debt per company.
Source: Opendatabot
The rise in artisanal gasoline production within Ukraine was one of the factors behind the decline in official fuel imports in August 2026, according to the A-95 Consulting Group.
According to the group, imports of automotive gasoline in August totaled 152,000 metric tons, which is 7% less than a year earlier.
“In August, gasoline shipments were lower due to large carryover stocks and the growth of domestic illicit production, driven by the ability to add tax-exempt solvents,” A-95 reported.
Experts believe that government agencies—primarily the State Tax Service—need to strengthen oversight of this sector.
“This is not only a matter of losses to the state budget but also of the questionable quality of such fuel,” the group emphasized.
The use of components not subject to excise tax as motor fuel potentially allows producers to lower the cost of gasoline blends and gain an advantage over legal market participants who pay fuel taxes in full.
At the same time, there was no overall gasoline shortage on the Ukrainian market in August. Since the beginning of 2026, official import volumes have remained higher than last year’s: 1.12 million metric tons of gasoline were imported over eight months, which is 16% more than a year earlier.
The largest importers remain OKKO, WOG, UPG, and Ukrnafta, while the main supplier countries are Lithuania and Poland.
EXCISE TAX, FUEL, GASOLINE, TAX, UKRAINE
