Tax authorities will have access to the register of accounts and safes of citizens
21 April 12:33
on April 21, the Cabinet of Ministers approved a draft law that provides for the creation of a centralized system of accounting for bank accounts, e-wallets and bank safes owned by individuals. The State Tax Service will be responsible for administering the register, "Komersant Ukrainian" reports, citing Minister of the Cabinet of Ministers of Ukraine Oleg Nemchinov.
According to the explanation, financial institutions – banks, issuers of electronic money, and other market participants – will be required to notify the tax authorities of opening and closing accounts, as well as concluding or terminating lease agreements for individual safes.
It is clarified that the data on cash balances or the contents of safe deposit boxes will not be entered into the register. It is only a matter of recording the fact of the existence of an account or safe, its type and owner.
In other words, the tax authorities will have access to a “map” of citizens’ financial assets – without detailing their contents.
This is part of Ukraine’s commitments to harmonize its legislation with EU standards. The creation of such a tool is a prerequisite for Ukraine’s gradual accession to the European payment infrastructure – SEPA. Accordingly, the decision is another step on this path.
A separate block of the draft law concerns the creation of a register of ultimate beneficiaries of trusts and similar legal structures. Its task is to ensure transparency of ownership in complex structures and to prevent the use of such forms for tax evasion. This register will also be maintained by the State Tax Service.
The draft law proposes a number of changes in the area of financial monitoring. In particular, it introduces the term “whistleblower” and defines its legal status and protection guarantees. This will help to establish mechanisms to protect those who report potential anti-money laundering violations.
The document also strengthens the requirements for verifying information about the beneficiaries of legal entities. While previously the state relied mainly on self-reported data, now it is planning to introduce a verification mechanism and sanctions for false information.
Important: this draft law does not provide for any restrictions on the use of accounts or safe deposit boxes. All collected information will be used exclusively for tax control purposes and in accordance with the current legislation.
According to the relevant ministry, the document is aimed at strengthening financial discipline, economic transparency and combating tax evasion. According to international experts, Ukraine loses billions of hryvnias annually due to shadow schemes. The introduction of centralized accounting will help bring part of the economy out of the shadows.
In addition, the adoption of the draft law will allow Ukraine to continue cooperation with international partners. Transparent asset accounting is one of the prerequisites for further macro-financial assistance from donors.
The government has already submitted the draft law to the Verkhovna Rada. The vote is expected to take place in the near future.
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