STS works on the implementation of law on the voluntary income declaration

STS works on the implementation of the Law of Ukraine “On amendments to the Tax Code of Ukraine to stimulate the un-shadowing of incomes and increasing the citizens’ tax culture by introducing the one-time (special) voluntary declaration of assets belonging to individuals and payment of the one-time budget levy”.

Norms of the Law, which has already entered into force, provide for the possibility of civilized legalization of assets that have been hidden from taxation.

Citizens who have assets located on the territory of Ukraine and / or abroad belonging to them on the property rights and from which, according to legislative requirements and / or international agreements, taxes and levies have not paid or not in full amount, have a right to submit the one-time voluntary declaration.

The one-time voluntary declaration will take place from September 1, 2021 to September 1, 2022. During this period citizens will be able to submit a voluntary declaration to the State Tax Service of Ukraine.

Having declared assets, the declarant will have to pay a levy for the one-time (special) voluntary declaration, amount of which is much less than the statutory personal income tax. Total one-time levy rate is 5%; for foreign assets the levy is 9%; for assets in the form of domestic government bonds – 2.5%.

Currently, the STS specialists are actively involved in development of the draft Order of the Ministry of Finance of Ukraine “On approval of form of the one-time (special) voluntary declaration and Procedure for its submission”.

In addition, as of today there is an ongoing work on solution of issue regarding the software changes for the possibility of accepting and processing the one-time (special) voluntary declarations in electronic form from September 1, 2021.

Communicate with the State Tax Service remotely using the “InfoTAX” service