KYIV, Nov 29 – The law on increasing the bank profit tax from 18% to 50% in 2023 and to 25% in subsequent years, adopted without discussion with banks, is discriminatory and has long-term negative consequences for the investment and business climate in Ukraine, Board Chairman of Raiffeisen Bank (Kyiv) Oleksandr Pysaruk said.

"It is impossible to determine the excessive profits of banks based on the results of one year. Retrospective taxation of excessive income for 2023, as well as an increase in taxes on bank profits in the future, is unreasonable and deprives bank shareholders of the desire to invest in this business," the head of Ukraine's largest bank with foreign capital said in an interview with Interfax-Ukraine.