President of Ukraine Volodymyr Zelensky has signed a law on tax amnesty, the Office of the Head of State reported.
Kyiv. Ukraine. Ukraine Gate – July 17, 2021 – Ukraine News
This law will allow tax evaders to disclose their real income and declare their assets while avoiding punishment.
Citizens of Ukraine will be able to submit a voluntary declaration indicating assets for which taxes and fees have not been paid by January 1, 2021. This should be done in the period from September 1 this year to September 1, 2022. The tax amnesty applies, in particular, to currency values other than cash, securities, as well as movable and immovable property in Ukraine and abroad.
From the declared assets the citizen will have to pay a fee, in particular 5% on currency values on accounts in banks in Ukraine, and also other assets which are (registered) in Ukraine; 9% on currency values on accounts in foreign financial institutions, as well as on other assets located abroad; 2.5% of the nominal value of government bonds of Ukraine purchased by the declarant in the period from September 1, 2021, to August 31, 2022.
If a citizen pays all the necessary fees, he is guaranteed release from liability for violating tax laws. Government agencies and officials will not be able to disclose information from one-time declarations without a court decision.
Carrying out a tax amnesty was one of Zelensky’s election promises. Thus, the law will bring out of the shadows up to $ 20 billion, said the chairman of the Verkhovna Rada Committee on Finance, Tax and Customs Policy Danilo Getmantsev.
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Source: Ukrgate