Rich Ukrainians may be subject to obligatory assets declaration

UNIAN 2

Ukraine's Finance Ministry has proposed that criteria should be determined for designating individuals as rich citizens who will be subject to obligatory declaration of income and assets, according to a bill drafted by the ministry.

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The document suggests that wealthy taxpayers may include owners of large businesses who directly or indirectly own 10% or more of charter capital of a legal entity that is a tax resident of another state and declared EUR 10 million or more in revenue for the previous fiscal year.

Read alsoUkraine launches new stage of filing e-declarationsIn accordance with the ministry's criteria, the Ukrainians whose total annual taxable income for the previous fiscal year exceeds UAH 50 million (US$1.8 million) may also be treated as rich citizens.

In addition, the ministry proposes the establishment of increased responsibility for the late submission of income declarations.

As UNIAN reported earlier, some 513,000 Ukrainians declared their assets during the declaration campaign in 2017. The total amount of declared assets was estimated at UAH 50.8 billion ($1.8 billion), which was 4% higher than the figure in 2016. Payment of individual income tax amounted to UAH 1.62 billion ($57.4 million), and that of war tax to UAH 226.5 million ($8 million).