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Ukraine introduces “zero declaration”

by archyw

The bill provides for the introduction of a tax amnesty for assets in order to shade the economy.

So, in the period from September 1, 2021 to September 1, 2022, a one-time (special) voluntary declaration of assets of individuals will be carried out.

The fee from a one-time voluntary declaration is a one-time obligatory payment, the amount of which is independently calculated by the declarant, based on the value of his assets, taking into account the rates of such a fee.

Persons who have the right to voluntary declaration and who did not use it are considered those who have informed the supervisory authority that there are no assets in the property derived from income from which taxes and fees have not been paid or paid in full.

Declarants cannot be persons who, as of the date of the beginning of the voluntary declaration period, are minors / minors or incapacitated persons and at the same time are fully supported by other persons (including parents) and / or the state, or are persons whose legal capacity is limited and over such persons have established guardianship / guardianship.

Such declarations cannot be submitted by persons who, for any period starting from January 1, 2010, perform or have performed in Ukraine public functions provided for by the Law of Ukraine On Preventing and Countering the Legalization (Laundering) of Criminally Obtained Incomes, Financing of Terrorism and Financing the Proliferation of Mass Weapons destruction.

Persons against whom Ukraine has applied special economic and other sanctions cannot be declarants.

The bills on the tax amnesty propose to pay a fee on the monetary value of declared assets at the following rates: 5% – the general rate, 9% – in relation to assets placed abroad, 2.5% – on government bonds acquired from January 1, 2021 to June 20, 2022 years before the filing of the declaration.

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Earlier, the head of the IMF office in Ukraine, Yosta Lyngman, voiced concerns about the intention to hold a tax amnesty. In the long term, such benefits harm the collection of taxes, according to the fund, demotivating citizens.

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