The Ministry of Finance presents for a public discussion the draft law of Ukraine “On Amendments to the Tax Code of Ukraine and Some Legal Acts of Ukraine on Criteria for the Identification of Persons with a High Income”.
What’s it about?
To implement the Strategy for the Reform of the Public Finance Management System for 2017–2020, which was adopted by the Government, the Ministry of Finance prepared a draft law making it possible to reduce tax evasion by persons with a high income and, at the same time, to implement international practices in working with high-income taxpayers.
The draft law includes the following regulations:
- implementation of criteria for the identification of private persons with a high income, special registration of such taxpayers and establishing a mandatory annual presentation of the tax declaration by these taxpayers irrespective of the fact that respective tax agents charge the private income tax and the military tax on their income;
- the State Fiscal Service shall receive access to information about the bank accounts of this category of private persons;
- the scope of information which must be presented by banks according to written requests from tax authorities in regard to the bank accounts of high-income taxpayers will be extended, provided that these data are properly protected.
What’s the benefit?
- implementation of the international practice in cooperating with high-income taxpayers;
- effective control in regard to complete and timely tax payments.