Pyshnyi opposed the tax increase for banks: This is a dangerous decision
Photo: NBU

National Bank Governor Andriy Pyshny opposed the increase in the bank profit tax, which has already passed the first reading in the Verkhovna Rada.

"We do not support this decision and believe that for the third time applying an increased level of profit taxation to the banking system - which is essentially a double rate, despite the fact that the banking system today pays 25% of the tax, while the rest pay 18% - is dangerous," Pyshny said at a briefing on Thursday .

According to him, this decision will have negative consequences for the financial sector and will not bring the money that the Verkhovna Rada expects.

"It will not meet the fiscal expectations currently declared, but it may have restrictions on activities, may provoke the need for additional capitalization of state-owned banks, which will be financed from the state budget," the NBU head explained .

Pyshnyi also recalled previous promises about the temporary nature of the increased taxation.

"When the windfall tax was first applied to the banking system, Ukraine made a commitment that it would be an exceptional action. Then there was a second application of this tax. Now we are seeing this happening for the third time," he said .

"This raises questions and concerns among potential investors," emphasized Pyshnyi .

Danylo Hetmantsev , the head of the Tax Committee, who initiated the draft law, insists that the tax increase is fair, as the source of the banking system's profit is not lending, but transactions with the National Bank's deposit certificates and government bonds.

"In the banking system in 2025, the profit is the largest in the history of the Ukrainian banking system. It is 2.3 times higher than in 2021. And if we talk about the return on bank capital, it is almost 40% in Ukraine. For comparison, in Europe, the average profitability is 10.5%, and Romania has the highest profitability in Europe - 22.4%," he said on October 21, presenting the draft law in parliament.

  • Banks have already paid the increased tax twice: in 2023 (UAH 77 billion) and 2024 (UAH 96 billion).
  • The new tax, if the bill passes the second reading, will be paid in 2026.