Around 30% of Ukraine’s economy not working - finance minister

Business & Economy March 20, 2022, 18:33

According to Sergey Marchenko, the government is looking at reorganizing the work of tax agencies in war-time conditions

KIEV, March 20. /TASS/. Around 30% of Ukraine’s economy is idling, Ukrainian Finance Minister Sergey Marchenko said on Sunday, citing the ministry’s calculations on the basis on tax returns.

"According to our preliminary calculations on the basis of tax revenues, around 30% of the economy is either idling or temporarily suspended. The calculations were done on the basis of personal income tax and the single social security tax payments. A third of the economy is not operating now," the Ukrainskiye Novosti media outlet quoted him as saying.

According to Marchenko, the government is looking at reorganizing the work of tax agencies in war-time conditions. He said that the main source of budgetary revenues is domestic and foreign borrowings, since tax returns have dropped dramatically due to combat operations.

On February 24, Russian President Vladimir Putin announced a special military operation in response to a request for help by the heads of the Donbass republics. He stressed that Moscow had no plans of occupying Ukrainian territories, but aimed to demilitarize and denazify the country.

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