“Tax Amnesty” for Citizens of Ukraine

Tuesday, September 7, 2021
“Tax Amnesty” for Citizens of Ukraine

Withdrawal from the shadows of income hidden from taxation and their implementation in the country's economy

The president of Ukraine signed the law On Amendments to the Tax Code of Ukraine and other laws of Ukraine to stimulate the de-shadowing of incomes and increase the tax culture of citizens by introducing one-time (special) voluntary declaration of assets and payment of a one-time fee to the budget.

According to the law, every citizen of Ukraine who has the right to do so may voluntarily and once submit a declaration of income without proof of origin. The law enters into force on September 1.

"The voluntary declaration will not need to indicate information about the sources of origin of the declared assets. The voluntary declaration is a way to bring money and assets to life in a civilized way, ”the press service of the Ministry of finance reports.

Voluntary declaration of assets of individuals or "tax amnesty", and a one-time collection to the budget is provided by law №1539. The law facilitates the withdrawal of personal income from the shadows, the payment of appropriate taxes/fees, and their involvement in the country's economy.

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