The NBU advises to tax parcels up to 150 euros and imports of electric cars

The NBU considers it appropriate to tax parcels under 150 euros and non-priority imports such as electric cars and luxury goods. This is reported in the October inflation report NBU.

The NBU's recommendation is related to Ukraine's record current account deficit (i.e., the outflow of currency abroad), which reached $24.9 billion in January-September 2025.

This growth is not due to a consumer boom, but to spending on defense and reconstruction. According to the NBU, imports of machinery (up 36%) and investment goods (up 39%), which are needed for the defense sector, are growing the most. Consumer imports increased by 8%, but their share in total imports is even declining .

However, traditional methods of reducing the deficit, such as fiscal consolidation or exchange rate mechanisms, are of limited effectiveness in times of war, and a significant reduction in spending could reduce the country's defense capabilities, the NBU said.

Therefore, he suggested focusing on targeted measures to restrict non-priority imports without negative consequences for the economy and security. This will allow to reduce the outflow of foreign currency somewhat without harming critical areas.

"Possible options include reducing non-priority expenditures and introducing taxation of non-critical wartime areas without significant negative consequences for the economy. In particular, it is worth focusing on targeted import restrictions: taxes on parcels worth up to 150 euros and other non-priority imports such as electric cars, luxury goods, etc.", the report says.

Despite the formal deficit, the NBU sees no threats to Ukraine's external stability, as it is fully financed by international partners on favorable terms. International reserves remain high at $46.6 billion as of early October.

• The NBU's recommendations are based on the Verkhovna Rada's unwillingness to make unpopular decisions. In late October, in an interview with Interfax-Ukraine, the head of the Tax Committee, Danylo Hetmantsev, said that the parliament has no potential to reduce the tax threshold for parcels from abroad.
• MPs also voted in the first reading for a provision that provides for the extension of tax privileges for the import of electric vehicles .