Can an individual, who owns funds in national and foreign currencies in cash, open separate current accounts in different banks of Ukraine with a special regime of use in national and foreign currencies?
Press service of the State Tax Service of Ukraine , published 25 December 2021 at 11:32 Chapter: News
Paragraph 9 Sub-section 94 Section XX “Transitional Provisions” of the Tax Code of Ukraine as of 02.12.2010 № 2755-VI with changes and amendments (hereinafter – 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) before submitting the one-time (special) voluntary declaration.
Declarant in order to ensure compliance with provisions of Paragraph 9 Sub-section 94 Section XX “Transitional Provisions” of the TCU applies to the bank to open special account. Procedure for opening, closing, crediting funds to special account and exercising control over operations on an account is established by the National Bank of Ukraine.
Resolution of Board of the National Bank of Ukraine as of 05.08.2021 № 83, which entered into force on 01.09.2021 and is valid until 01.09.2022, approved Regulation on opening and maintaining current accounts with a special regime of use in national and foreign currencies, bank metals for purposes of the one-time (special) voluntary declaration (hereinafter – Regulation № 83).
Paragraph 3 of Regulation № 83 stipulates that special account is a current account with a special regime of use, opened by the declarant’s bank according to 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 income introduction of the one-time (special) voluntary declaration of assets belonging to individuals and payment of one-time levy to the budget ”(hereinafter – Law № 1539) for purposes of the one-time (special) voluntary declaration for crediting cash in national and foreign currencies, bank metals from physical delivery.
Herewith, Paragraph 7 of Regulation № 83 stipulates that bank opens declarant’s special account according to requirements of Instruction on the procedure for opening and closing bank accounts and correspondent accounts of resident and non-resident banks, approved by the Board of the National Bank of Ukraine on 12.11.2003 № 492 (as amended by Resolution of Board of the National Bank of Ukraine as of 01.04.2019 № 56) with changes (hereinafter – Instruction № 492) in manner prescribed in Paragraph 62 Section V for individuals and with mandatory compliance with requirements of Paragraph 16 of Section I Instruction № 492.
Paragraph 8 of Regulation № 83 stipulates that agreement is concluded in writing form between the bank and declarant and must contain peculiarities of opening, functioning and closing a special account that must meet requirements of the Law № 1539.
As follows, norms of Sub-section 94 Section XX of the TCU and Regulations do not set restrictions on individual’s opening of separate current accounts with a special regime of use in national and foreign currencies in various banks of Ukraine, given that such individual owns funds in national and foreign currencies in cash.
More information is in the “Knowledge Base” of public information and reference resource