Should the declarant open current bank account with a special regime of use, if funds he / she wishes to declare are already placed in current bank accounts?

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 – Code) 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 (hereinafter – 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 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.

As follows, provisions of Paragraph 9 Sub-section 9⁴ Section XX of the Code are applicable exclusively to funds in national and foreign currencies in cash form and therefore are not applicable to funds already placed by the declarant in current bank accounts.