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What document must an individual use to confirm placement of cash in national currency on a current account with a special regime of use in the bank of Ukraine?

, published 11 October 2021 at 11:01

Paragraph 9 Sub-section 94 Section XX “Transitional provisions” of the Tax Code of Ukraine (hereinafter – the TCU) stipulates that for purposes of 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 banks of Ukraine (hereinafter – special accounts) before submitting the one-time (special) voluntary declaration (hereinafter – Declaration).

Declarant in order to ensure compliance with provisions of Paragraph 9 Sub-section 94 of 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.

Resolution of Board of the National Bank of Ukraine as of 05.08.2021 № 83 approved Regulations on the procedure for opening and maintaining current accounts with a special regime of use in national and foreign currencies, bank metals for the purposes of one-time (special) voluntary declaration (hereinafter – Regulations).

Paragraph 7 of Regulations stipulates that the bank opens declarant’s special account according to requirements of the Instruction on opening and closing bank accounts and correspondent accounts of resident and nonresident banks, approved by the Board of the National Bank of Ukraine as of 12.11.2003 № 492 (with amendments of the Board of the National Bank of Ukraine as of 01.04.2019 № 56) (hereinafter – Instruction № 492), in the manner prescribed in Paragraph 62 of Section V for individuals and with mandatory compliance with requirements of Paragraph 16 of Section I of the Instruction № 492.

In addition to documents for opening a special account, the declarant submits questionnaire and application.

Paragraph 8 of Regulations № 83 stipulates that agreement concluded in writing form between the bank and declarant must provide for peculiarities of opening, functioning and closing special account, which must meet requirements of the Law of Ukraine as of 15.06.2021 № 1539-IX “On amendments to the Tax Code of Ukraine and other laws of Ukraine to stimulate un-shadowing of incomes and increase citizens’ tax culture by introducing the one-time (special) voluntary declaration of assets belonging to individuals and payment of levy to the budget”.

Herewith, the procedure for issuing a special account statement / certificate of opening a special account and balance on it (in paper / electronic form) is determined by the agreement concluded between the bank and declarant during the opening of special account (Paragraph 12 of Regulations).

As follows, an individual who placed funds in national currency on a current account with a special regime of use in the bank of Ukraine must provide document confirming such placement (special account statement / certificate of opening special account and the balance of funds on it (in paper / electronic form) during submission of the one-time (special) voluntary declaration.