Hetmantsev believes that hemp could be the key to filling Ukraine’s budgetary gaps. It can offer non-traditional reserves for revenue generation.
It may be premature to discuss specific fiscal measures. However, he emphasizes the importance of not taxing hemp production in the same manner as wheat production, suggesting a nuanced approach. Hetmantsev suggests avoiding a blanket tax rate and considering European taxation standards for hemp cultivation. Potential strategies include excise taxes or variable rates based on cultivation area.
The Ministry of Finance is actively formulating proposals for the taxation of hemp production. He is taking into account the unique circumstances surrounding the cultivation of cannabis. The legalisation of medical cannabis gains traction. Thus, the Ministry aims to develop a comprehensive approach to taxation that aligns with European standards and fosters economic growth.
With the Ministry of Finance preparing proposals for taxation, policymakers are considering innovative approaches to ensure that hemp production contributes meaningfully to the national budget. So, the regulatory landscape evolves. This is why Ukraine can explore new avenues for revenue generation and economic development.