Bill on 'zero' assets declaration in Ukraine passes first reading.

Photo from UNIAN, by Oleksandr Kuzmin

Photo from UNIAN, by Oleksandr Kuzmin

The Verkhovna Rada, Ukraine's parliament, has passed presidential bill No. 5153 to amend the Tax Code of Ukraine to stimulate the de-shadowing of citizens' incomes and improve their tax culture by voluntarily declaring assets and paying a one-time fee to the national budget (the so-called "zero" assets declaration).

Read also President Zelensky, First Lady file asset declarations: Details Some 245 lawmakers backed the draft law in the first reading at a special session with the required minimum being 226 votes, an UNIAN correspondent reported on March 30.

The draft law provides for the one-time (special) voluntary declaration of assets by individuals July 1, 2021 through July 1, 2022, from which taxes and fees have not been paid, the explanatory note to the bill said.

Noteworthy, a declarant is not required to indicate the sources of origin of the assets being declared.

The one-time voluntary declaration may reflect such assets as currency values (except for cash), securities, movable and immovable property (including facilities under construction), and shares (equities) in legal entities' property located (registered) both in Ukraine and abroad.

A one-time voluntary declaration fee will be determined at the following rates: 5% on currency values placed on bank accounts in Ukraine, as well as other assets registered there; 9% on currency values placed on accounts in financial institutions abroad, as well as other assets there; and 2.5% at the nominal value of Ukraine's government bonds, with a maturity exceeding 365 days without the right of early redemption, which were acquired by the declarant from January 1, 2021 to June 20, 2022, before filing a one-time voluntary declaration.

Background

Earlier, Ukrainian President Volodymyr Zelensky asked the government to develop and submit to parliament a bill on one-time declaration, which was to be prepared in cooperation with experts, businesses, and the Verkhovna Rada Committee on Finance, Tax and Customs Policy.

Translation: Olena Kotova

Unian

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