Who Fills the Budget During War: Business, Banks, and Ordinary Taxpayers
Taxes during wartime are not dry statistics but a measure of economic endurance. The data for 2025 reveal a complex, uneven, yet telling picture: Ukraine is holding its financial system together under the conditions of a full-scale war, even as a significant share of businesses operates at the edge of their capabilities.
In 2025, large businesses paid UAH 953.2 billion into Ukraine’s Consolidated Budget, accounting for 46.5% of all tax revenues. This was reported by Lesia Karnaukh, Acting Head of the State Tax Service. In practical terms, nearly every second hryvnia of tax revenue came from large taxpayers. Overall revenues from this segment increased by 7.4%, but behind these figures lies a crucial nuance: almost 40% of large companies reduced their tax payments. The reason is not aggressive tax optimization, but the direct impact of war destroyed production facilities, disrupted logistics, and electricity shortages. This means that budget growth is neither uniform nor stable. It is sustained by the part of the economy that has managed to adapt, while at the same time exposing the vulnerabilities of the real sector.
Record dynamics, but not driven by profits
Compared to 2024, large taxpayers contributed UAH 65.6 billion more. The main increase did not come from profits as such, but from taxes tied to turnover and employment:
- Personal income tax: +UAH 41.8 billion (+133.2%);
- VAT: +UAH 14.3 billion (+106.1%);
- Excise tax: +UAH 13.5 billion (+112.8%).
These figures point to one thing: the economy is operating in a mode of maintaining basic processes. Salaries are being paid, consumption persists, and goods continue to circulate but this does not mean businesses are investing heavily or expanding production.
Where the economy is losing ground
Despite the overall growth, the war continues to drain key sectors. The sharpest decline in profitability has been recorded in industries that are critical for post-war recovery:
- processing and extractive industries;
- transport and warehousing;
- postal and courier services;
- electricity and gas supply.
This list is no coincidence. These sectors are the first to feel the effects of shelling, power outages, and logistical disruptions. At the same time, they will determine what the economy looks like after the war. According to the head of the tax authority, “partnership between the state and large taxpayers is a critical condition for financial stability and the country’s further recovery.”
Local budgets and property tax
Alongside large business, the role of citizens and local budgets is becoming increasingly visible. By the end of 2025, almost 1.1 million citizens paid property tax, bringing more than UAH 12.7 billion to local communities. Revenues increased by UAH 2.1 billion, or 19.3%, compared to 2024. The State Tax Service emphasized that “the property tax, other than land, remains an important source of local budget revenues.” The leading regions were:
- Kyiv – UAH 2.5 billion;
- Kyiv region – UAH 1.3 billion;
- Lviv region – UAH 1.3 billion;
- Dnipropetrovsk region – UAH 1.2 billion.
Tax officials believe this growth reflects a responsible attitude of property owners toward their communities and investment in local development.
Banks as a stable source of tax revenues
A separate block is the banking sector, which in 2025 effectively became one of the most predictable taxpayers. The ranking of top tax-paying banks was published by Danylo Hetmantsev, Head of the Parliamentary Committee on Finance, Tax, and Customs Policy.
Among the leaders:
- PrivatBank;
- Citibank;
- Credit Agricole Bank;
- OTP Bank;
- Raiffeisen Bank;
- Pivdennyi;
- Ukrsibbank;
- Oschadbank;
- Universal Bank.
Hetmantsev stressed: “In today’s conditions, the contribution of banks to filling the state budget is extremely important. Representatives of the banking sector clearly understand the role of diligent tax payment. There is virtually no shadow economy in this sector.”
A tax maneuver for banks in 2026
Starting in 2026, Ukraine will introduce a higher corporate profit tax rate for banks of 50%, and will also prohibit the use of past losses to reduce the taxable financial result.
The expected effect is an additional UAH 30 billion to the budget in 2026. These funds are intended to finance the security and defense sector. Importantly, this step does not require additional budget expenditures, as it is based on reallocating existing resources.
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Ukrnafta as an example of state management
Against the broader background, Ukrnafta stands out. Over three years of state management, the company paid UAH 96.7 billion in taxes, fees, customs payments, and dividends. The head of Naftogaz, Serhii Koretskyi, emphasized:
“This is not only about financial indicators, but about trust in the state as an owner, stable budget revenues, and a real contribution to the resilience and energy security of the country.”
In 2025 alone, the company’s contribution amounted to:
- UAH 28.6 billion in taxes, fees, and customs payments;
- UAH 5 billion in dividends.
Chairman of the Board Bohdan Kukura noted that the company adheres to strict fiscal discipline, and that tax revenues directly support the Defense Forces, local communities, and the overall resilience of Ukraine’s economy.
2025 was not a year of economic breakthrough. It became a year of financial endurance. Ukraine’s tax system is balancing between large business, banks, households, and state-owned companies. The main risk is the exhaustion of the real sector. The main resource is trust and partnership between the state and taxpayers. Wartime conditions leave no room for illusions. But the numbers show something else that matters: the economy has not collapsed. It is working, adapting, and financing the state when it is critically needed. That is the foundation without which neither victory nor recovery is possible.
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