Ukraine Introduced New Draft Bill On Tax Amnesty

The chairman of the tax committee of the Verkhovna Rada, Daniil Getmantsev, in an interview with the Ukrainian Pravada newspaper, said that in the near future a bill on tax amnesty will be registered in parliament.

According to Getmantsev, the tax amnesty in Ukraine is planned to be carried out within 9 months. The basic rate of personal income tax will be 5%.

“The concept of amnesty has been fully agreed upon. Now everything depends only on the Office of the President, ”he said. "The parameters of the amnesty: 5% - the general rate 9% - an increased rate on assets that are located abroad, 18% on cash," Getmantsev explained.

According to the deputy, the bill, in the development of which he took part, provides that the period during which taxpayers can legalize their funds will be 9 months: “We want to finish it in 2021,” added the head of the Rada's profile committee.

In his opinion, the introduction of automatic exchange of tax information and a plan to counter the erosion of the tax base (BEPS) should become an incentive to show their property and real assets in the declaration.

In addition, the bill provides that the declarations that taxpayers publish as part of the tax amnesty cannot be used in court as evidence in other cases.

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