A bill on tax amnesty No.1232, which envisages a mechanism for individuals to declare hidden income voluntarily, provides for tax rates of 5% and 10%, as well as a discounted 2.5% when investing in government bonds, according to the document posted on the website of Verkhovna Rada.
Under the document, a tax rate of 5% is provided for currency values, personal and real estate, securities, equity shares in the property of legal entities, property rights to intellectual property and financial instruments.
For other property rights, a rate of 10% is provided, and a discounted rate of 2.5% is incurred from the assets through which the government bonds were acquired.
The deadlines for submitting special declarations are from January 1 to March 31, 2020, according to the bill.
Within 90 days after March 31, 2020, regulatory authorities will be able to conduct an expert assessment of the assets declared in a specialized declaration, determining the amount of tax liability, reads an explanatory note to the bill, also published on the website of the parliament.
Incomes in the amount of UAH 100,000 will be subject of amnesty without submitting a specialized declaration, without requiring them to pay taxes and without tax audits of the sources of their receipt.
Moreover, it is not necessary to indicate the sources of declared income in the special declaration, according to the bill.
As reported, head of the parliamentary committee on finance, taxation and customs policy Danylo Hetmantsev registered the bill on September 2, 2019. According to Hetmantsev, thanks to tax amnesty a number of shady incomes and capital outflow abroad should be reduced.
