Tax amnesty expires in Ukraine on March 1
As of February 13, 2023, UAH 6.2 billion was declared as part of the tax amnesty (Photo:Myriams-Fotos / pixabay.com)
The tax amnesty, or the opportunity to legalize income from which no taxes have been paid as of Jan. 1, 2021, expires in Ukraine on March 1, the State Tax Service reported on its website.
According to the agency, UAH 6.2 billion ($169.5 million) were declared as part of the tax amnesty as of Feb. 13, 2023, and the one-time fee amounted to UAH 379.5 million ($10.3 million).
In total, UAH 3.92 billion ($107.1 million) were declared during the martial law in Ukraine, while the one-time fee amounted to UAH 246.6 million ($6.7 million).
From the assets declared under the tax amnesty, a citizen had to pay the following fee:
- 5% of the value of currency values in bank accounts in Ukraine, as well as other assets located (registered) in Ukraine;
- 9% of the value of currency values in accounts in foreign financial institutions, as well as other assets located abroad;
- 2.5% of the nominal value of Ukrainian government bonds.
Copies of documents confirming the value of the declared objects should also be submitted along with the declaration.
In case of payment of the required fees, the state guarantees exemption from liability for violations of tax and currency legislation. Also, controlling authorities will not check the sources of the declarant’s income, at the expense of which the declared assets were received/purchased. It is also guaranteed that state bodies and their officials will not disclose information contained in one-time voluntary declarations without a corresponding court decision.
The tax amnesty period was extended by the Verkhovna Rada, Ukraine’s parliament, for six months on Aug. 16, 2022.
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