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Is an individual should reflect funds placed on a deposit bank account in the one-time (special) voluntary declaration?

published 14 September 2021 at 11:13

According to Paragraph 1 Sub-section 94Section XX “Transitional provisions” of the Tax Code of Ukraine (hereinafter – the Code), the one-time (special) voluntary declaration is a special procedure for voluntary individual’s declaration of assets located on the territory of Ukraine and / or abroad, if such individual’s assets were received (acquired) by at the expense of income subject to taxation at the time of their accrual (receipt) in Ukraine and from which taxes and levies were not paid or not in full amount according to legislative requirements on taxation and / or international agreements, the binding nature of which was approved by the Verkhovna Rada of Ukraine  and / or which were not declared in violation of tax and currency legislation, the control over which is entrusted to the supervisory authorities during any of the tax periods that occurred before 01.01.2021 (Paragraph 3 Sub-section 94Section XX of the Code).

At the same time according to Sub-paragraph 14.1.280 and 14.1.281 Paragraph 14.1 Article 14 of the Code, objects of the one-time (special) voluntary declaration  may be assets of an individual owned by the declarant (including joint partial or joint common ownership right) and are (registered, in circulation, registered, etc.) on the territory of Ukraine and / or abroad as of the date of submission of the one-time (special) voluntary declaration (Paragraph 4 Sub-section 94Section XX of the Code), specifically currency values (bank metals, except for those not placed on accounts, national currency (UAH) and foreign currency, except for cash and monetary claims (including deposit), funds borrowed from third parties for loan agreement) compiled in writing form with a legal entity or notarized in case of the declarant’s right claim against another individual (Sub-paragraph “a” Paragraph 4 Sub-section 94Section XX of the Code).

Given the above specified, if an individual owns funds placed on a deposit bank account and from which taxes and levies were not paid or not in full amount according to requirements of tax legislation, such individual has opportunity to declare such funds by submitting the one-time (special) voluntary declaration and pay levy at appropriate rate for the one-time voluntary declaration.