Tax amnesty in Ukraine is planned for 2021
The amnesty may include assets in Ukraine or abroad acquired from income that were not declared for any tax period as of January 1, 2021.
The bills of President Volodymyr Zelensky on the tax amnesty provide for a special tax rate for a one-time declaration of 5% for currency values deposited in accounts in Ukraine, and a 9% rate for assets located abroad. At the same time, when buying government bonds from January 1, 2021 to June 20, 2022, it is proposed to apply a 2.5% rate before filing a declaration. The one-time declaration algorithm was published on the Telegram channel by the head of the tax committee of the Verkhovna Rada Daniil Getmantsev on Friday, February 26.
According to the submitted materials, assets in Ukraine or abroad, acquired on account of income that were not declared for any tax period as of January 1, 2021, may fall under the amnesty. And such a mechanism can be used by Ukrainian individuals, as well as non-residents who were residents at the time of acquiring assets or income.
“Assets subject to declaration: any assets, including movable / immovable property, securities, corporate rights, according to which the subject of declaration is the owner or from which he has the right to receive income”, – stated in the materials.
The package of bills also provides for a declaration submission deadline from July 1, 2021 to July 1, 2022.
At the same time, it is proposed to establish that the following assets do not require the submission of a special declaration:
real estate (apartment up to 120 sq. m, house up to 240 sq. m, non-residential premises up to 60 sq. m, land plot within the framework of the free declaration standards);
one vehicle that is in the register (except for those that are intended for the carriage of 10 people or more or with an engine capacity of more than 3 thousand cubic meters, or the average market value of which is above 375 m.z., aircraft are also subject to declaration, helicopters, yachts, boats);
other assets with a total value of up to UAH 400 thousand.
On the eve it became known that Zelensky had registered four bills on tax amnesty in the Rada. The President noted all the documents as urgent. Now they are under consideration by the parliament leadership.
As a reminder, in September 2020, it was reported that the Office of the President was developing a bill on a tax amnesty, which is planned for 2021. According to the head of the Rada Committee on Finance, Tax and Customs Policy Daniil Getmantsev, the amnesty concept has been fully agreed upon.
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