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Rich Ukrainians may be subject to obligatory assets declaration

2018-01-16

Checking the income of wealthy Ukrainian residents has become a reality. Recently there was a new legislation, which allows the tax authorities to climb into other people's pockets. Along with this, the following innovations also appeared: the fine system and the statute of limitations.

Now a wealthy Ukrainians need to bring information about their condition every year, or else a fine of 10% of the assessed income tax is charged.

Criteria of wealth in Ukraine: the proposal of the Ministry of Finance

The new criteria of wealth in Ukraine are:
• Receive an annual taxable income of more than 50 million UAH;
• Presence of the status of the owner of a non-resident legal entity that announced the availability of 10 million EUR or more for the reporting period;
• Be a beneficiary of a large Ukrainian taxpayer.

To become "rich" in the eyes of the tax authorities, you need to get a total income of 50 million EUR 12 months or pay in taxes more than 1 million EUR, and without taking into account customs payments the amount of payments should exceed 500,000 EUR.

If you find yourself under the sights of the tax authorities, they want to have access to bank accounts to ensure proper control.

Tax authorities in Ukraine will receive expanded powers

The Ministry of Finance said that the tax authorities will be able to demand data on bank accounts from financial institutions, as well as on the circulation of funds. And they can do it for free.

Such data will be stored in a special registry and the limitation period is a decade. Now you need to submit information about your condition and if you do not do it on time, you will be charged a fine. And the fine is charged immediately, despite the slightest detention.

Tax authorities are trying to get maximum access to your assets, whether it's a bank account or shares in a business. They are interested in any information about the status of a rich resident from Ukraine.

However, the main problem is the low level of confidence in the tax authorities. Too often, they are interested in direct "wringing out" the means of business and family.
It is necessary to take a decision that will provide an opportunity to protect assets from the hands of Ukrainian tax authorities.

The first legal step is the withdrawal of some of the assets from the territory of Ukrainian tax authorities. The solution to this is to open an account with a foreign bank from a stable country. The account in a foreign bank allows you to restrict access to funds, protect against arbitrariness and unpredictable events.

Where can I open a foreign bank account? The answer to this question depends on the personal situation, sources of income and even family status. We recommend you to do free consultation with us until the tax authorities did not get to your assets! Use any «Contact Us» form!