On October 10, Ukraine's parliament approved significant tax increases to address rising military and defense expenditures amid the ongoing war with Russia. The law, supported by 247 lawmakers, raises the military tax from 1.5% to 5% for residents and imposes higher taxes on banks and financial companies. This move aims to generate an additional $1.4 billion in 2024 and $3.3 billion in 2025, crucial for covering a projected budget deficit of $35 billion next year. The legislation, which also involves increased domestic borrowing and debt restructuring, reflects Ukraine's reliance on foreign financial aid, having received nearly $100 billion since the invasion began. Lawmaker Yaroslav Zhelezniak highlighted that the new tax measures are retroactive from October 1, and they also include provisions to exempt military personnel from the increased military tax. The bill still requires President Zelenskiy's signature to become law.