Should the declarant open a current account with a special regime of use for the one-time (special) voluntary declaration, if funds which he / she wishes to declare are already placed on current bank accounts?

According to Paragraph 9 Sub-section 9 Copy 4 Section XX “Transitional Provisions” of the Tax Code of Ukraine as of 02.12.2010 № 2755-VI with changes and amendments (hereinafter – the TCU) for the one-time (special) voluntary declaration, the declarant must place funds in national and foreign currencies in cash and / or bank metals on current accounts with a special regime of use in Ukrainian banks (hereinafter – special accounts) prior to submitting the one-time (special) voluntary declaration.

The declarant in order to ensure compliance with provisions of Paragraph 9 Sub-section 9 Copy 4 Section XX “Transitional Provisions” of the TCU applies to the bank to open a special account. Procedure for opening, closing, crediting funds to a special account and exercising control over operations on such account is established by the National Bank of Ukraine.

As follows, provisions of Paragraph 9 Sub-section 9 Copy 4 Section XX “Transitional Provisions” of the TCU are applicable only to funds in national and foreign currencies in cash and therefore are not applicable to funds which are already placed by the declarant on current bank accounts.