The Law of Ukraine No. 5153 “On Amending the Tax Code of Ukraine to Stimulate the De-Shadowing of Incomes and Enhancing the Tax Culture of Citizens Through Introduction of Voluntary Declaration by Individuals of Assets Belonging to them and Payment of One-Time Dues to the Budget” proposes conducting, between July 1, 2021, and July 1, 2022, voluntary declaring of assets of individuals (“natural persons”) that were previously acquired without payment of due taxes.
The rates of the dues to be paid based on such declaring will be as follows:
5% – for currency deposited on bank accounts and money claim rights in respect of residents of Ukraine, other assets in Ukraine;
9% – for currency deposited on bank accounts abroad and money claim rights in respect of nonresidents of Ukraine.
Movable and immovable property, proprietary and corporate rights, financial instruments registered abroad. Such opportunity will be granted to all citizens of Ukraine except for persons who, starting from January 1, 2005, submitted or were obliged to submit declarations in accordance with the anti-corruption legislation. The sources of incomes will not be checked, the declaration can be submitted in electronic form, in person, or via a notary; the declarant will be personified using a special code. The following may not be declared: assets obtained from criminal offenses, except for those obtained as a result of avoidance of taxes/dues or violation of currency legislation; assets of persons in respect of whom proceedings have been initiated on charges of legalization of criminally obtained incomes, financing of terrorism, use of funds obtained from illegal turnover of drugs and other psychotropics, and charges of corruption offenses. The following will be exempted from taxation: apartment with an area of up to 120 square meters or title to such apartment; house with an area of up to 240 square meters or unfinished construction project, provided that the person in question holds title to the land under the house; other non-commercial real estate with an area of up to 60 square meters; plots of land within the limits of privatization for free.
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