Tax specialists exposed circulation of securities, income from which was not reflected in tax accounting

Press service of the State Tax Service of Ukraine, published 21 December 2020 at 14:13 Chapter: News

Tax specialists exposed carrying out operations with the low-liquid securities issued by business entities on which the National Commission on Securities and Stock Market has made a decision to ban securities trading.

Sale of these securities was carried out with a significant markup, which in some operations exceeded the purchase price by 50 thousand times.

However, the income received from these operations by business entity was not reflected in tax accounting. As a result, these actions led to probable budget losses totaling more than 28 million UAH.

Also, the sale of low-liquid securities at inflated prices allowed counterparties-buyers to form artificial costs to minimize tax liabilities and created the preconditions for organizers to be able to legalize excess profits.

Materials of analytical research collected by the Anti-money laundering department of Main Directorate of the STS in Dnipropetrovsk region were transferred to the law enforcement agency as a result of which criminal proceeding was registered on the grounds of a crime under Article 212 of the Criminal Code of Ukraine.

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