Does an individual who owns funds in national and foreign currencies in cash have a right to open separate current accounts in different banks of Ukraine with a special regime of use in national and foreign currency?
Press service of the State Tax Service of Ukraine , published 07 February 2022 at 10:14 Chapter: News
Paragraph 9 Sub-section 94 Section XX of the Tax Code of Ukraine as of 02.12.2010 № 2755-VI with changes and amendments (hereinafter – 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.
Declarant in order to ensure compliance with provisions of Paragraph 9 Sub-section 94 Section XX of the Code 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 3 of Regulations stipulates that the 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 391539-IX “On Amendments to the Tax Code of Ukraine and other laws of Ukraine to encourage un-shadowing of income and citizens’ tax culture by introducing the one-time (special) voluntary declaration of individuals’ assets and payment of one-time levy to the budget” for purposes of the one-time (special) voluntary declaration for crediting of funds in national and foreign currencies, bank metals with physical delivery.
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.
Paragraph 8 of Regulations 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.
As follows, the norms of Sub-section 94 Section XX of the Code and the Regulation do not set restrictions on the opening separate current accounts with a special regime of use in national currency and foreign currency in various banks of Ukraine by an individual who owns funds in national and foreign currency in cash.
More information is in the “Knowledge Base” of public information and reference resource