How can the declarant exercise right of the one-time (special) voluntary declaration, if he / she has funds in national and foreign currencies in cash?

Press service of the State Tax Service of Ukraine, published 20 August 2021 at 10:50 Chapter: News

Objects of declaration particularly may not be funds in national and foreign currencies, which on the date of submission of the one-time (special) voluntary declaration (hereinafter – the Declaration) are in cash according to Sub-paragraph “g” of Paragraph 5 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).

At the same time, Paragraph 9 Sub-section 9 Copy 4 Section XX “Transitional Provisions” of the TCU stipulates that 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 Declaration.

The declarant in order to ensure compliance with provisions of Paragraph 9 Sub-section 9 Copy 4 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, the declarant who wishes to declare funds in national and foreign currencies in cash must place such funds in current accounts with a special regime of use in Ukrainian banks prior to submitting the Declaration.