Business support tools during the period of martial law in Ukraine. December 2024

Summary

  1. Financial support for entrepreneurship contributes to economic stability and recovery even in wartime: The state, through grant programs, actively stimulates the establishment and development of businesses, provides inclusive grant support to agricultural producers and compensation for the cost of purchasing domestic agricultural equipment to restore Ukrainian agriculture. In particular, since the launch of the «Own Deed» program, 251 agricultural producers have received almost UAH 1.17 billion in grant assistance. It is important that part of these funds is returned to the budget through tax payments.

  2. Simplifying business regulation during wartime supports economic activity: 293 business reporting forms were analyzed by State Regulatory Agency, of which 121 forms require revision; 150 business proposals were processed regarding 52 reporting forms, of which 32 forms require amendment or cancellation. This demonstrates the consistency of business deregulation initiatives aimed at minimizing bureaucratic obstacles, which is crucial for supporting economic activity.

  3. Promoting increased investment through new tools for the development of the “Made in Ukraine” policy. Receiving by agricultural producers 25 % compensation for the cost of purchased machinery or equipment provides an opportunity to update the fleet of machinery on favorable terms and contributes to the development of the Ukrainian engineering industry. 15 % compensation (excluding VAT) for the purchase of Ukrainian-made energy, construction, wheeled and special equipment, which is included in the approved list, saves entrepreneurs a reserve for development, increases their competitiveness and resilience to economic shocks. In particular, according to the results of 2024, under the 25 % for farmers program, 3,419 agricultural enterprises updated their machinery, receiving compensation amounted on almost UAH 877 million. Under the 15 % program, compensation of more than UAH 10 million was paid for all industries.

 

Get quality and up-to-date analysis from NISS in a format convenient for you:

- read us in Telegram and Facebook
- listen to us on Google Podcast
- watch us on YouTube

Photo: NISS

Read more in Ukrainian