Bank secrecy in Ukraine is under threat
LAWBOOT Lawyers & Consultants monitors key changes in legislation around the world , which in one area or another concerns IT business.
In this article, we want to tell you about the sensational news in Ukraine, as well as provide an analyst on the draft law published on the website of the Ministry of Finance of Ukraine, according to which global changes are planned in terms of disclosing bank secrets in Ukraine.
If the bill is adopted, then certain difficulties may start for IT specialists (and not only) from Ukraine. I will tell about them below.
The official primary sources: APDATE : 06.23.2015 were still on the website of the Ministry of Finance, and now, 06.25.2015 removed from there.
')
Let's start with the changes to the Tax Code:
1) Introduced the term wealthy person. Who is it?
Firstly: a resident of Ukraine who is the ultimate beneficiary (controller) of a large taxpayer.
Drawing an analogy with related legislation, we provide a “decoding” of definitions:
beneficiary (controller) - a person who owns 25% of the shares / authorized capital of the company.
large taxpayer - a legal entity whose income from all types of activities for the last four consecutive tax (reporting) quarters exceeds five hundred million hryvnias or the total amount of taxes paid to the State Budget of Ukraine on payments controlled by the state fiscal service exceeds for the same period twelve million hryvnia.
Secondly: The owner of 20% or more of the shares / authorized capital of a company that is not a resident of Ukraine (a company registered abroad) and at that company’s declared income per year is more than 10 million euros.
Our analyst:
This provision does not work now, as the state of Ukraine in fact has no authority and legislative grounds for obtaining tax information about a foreign company. But perhaps this is the first step towards signing a number of Tax Information Exchange Agreements (TIEAs) with other countries.
Recall that on October 7, 2014, Ukraine and the OECD have already signed a memorandum of understanding, which provides for assistance to the OECD in reforming the tax system of Ukraine, as well as sharing tax information with other countries.
Thirdly: a resident of Ukraine whose total annual taxable income for the previous tax (reporting) year must exceed 50 million hryvnia.
If you do not fall under these criteria (unfortunately ... or fortunately), then let's move on to the next innovation:
2) According to the same draft law, it is planned to introduce amendments to Article 62 of the Law of Ukraine “On Banks and Banking Activities”.
It is planned to grant powers to the State Fiscal Service of Ukraine (tax, in simple terms) to receive information from the bank about your bank account : transactions, amounts, payment purposes, etc.
What do you think, why? (ps I don’t know the answer, but I suppose - “to fill the budget through shadow entrepreneurs”)
Previously, only the Security Service of Ukraine, the Ministry of Internal Affairs of Ukraine, the National Anti-Corruption Bureau of Ukraine, and the Antimonopoly Committee of Ukraine had this right.
All of the above mentioned was naturally not up to the “small shadow entrepreneurs”, and it was not their responsibility to monitor the correct payment of taxes , but with the emergence of such tax powers, any person who accepts payments to their local bank accounts may have problems.
We remind you that individuals are obliged to declare their income and pay income tax (PIT) on them.
NDFL rates here.
First of all, it can also affect representatives of the IT sphere , for example, freelancers who do not work through FLP, and accept money not for the same foreign Payoneer, but for a local bank card ... webmasters who also often accept money for their personal account, etc. ...
After all, it is not a secret to anyone that only a few (if any) pay personal income tax from these amounts.
Important:
That this bill will be passed, we are 99% sure.
After all, this is one of the main conditions under which the state of Ukraine will receive $ 1 billion from the IMF.
LAWBOOT Lawyers & Consultants offers you to prepare for innovation and arm yourself with a tax (for example, USA), a tax-free (like Estonia, Hong Kong) or an offshore (Belize, BVI) foreign company, with the help of which you can legally conduct and take on business money from business activities.
We are ready to teach you to conduct business abroad, to create all the necessary tools for convenient use of a foreign corporate structure.
The list of jurisdictions is listed on our website www.law-boot.com
Subscribe to the blog of LAWBOOT Lawyers & Consultants on Megamind, so as not to miss the interesting news in the world of "Law and IT" , Forewarned is forearmed!
Feel free to ask your questions in the comments, BOS, or email us to clients@law-boot.com… and “keep your nose to the wind.”
In this article, we want to tell you about the sensational news in Ukraine, as well as provide an analyst on the draft law published on the website of the Ministry of Finance of Ukraine, according to which global changes are planned in terms of disclosing bank secrets in Ukraine.
If the bill is adopted, then certain difficulties may start for IT specialists (and not only) from Ukraine. I will tell about them below.
The official primary sources: APDATE : 06.23.2015 were still on the website of the Ministry of Finance, and now, 06.25.2015 removed from there.
')
Let's start with the changes to the Tax Code:
1) Introduced the term wealthy person. Who is it?
Firstly: a resident of Ukraine who is the ultimate beneficiary (controller) of a large taxpayer.
Drawing an analogy with related legislation, we provide a “decoding” of definitions:
beneficiary (controller) - a person who owns 25% of the shares / authorized capital of the company.
large taxpayer - a legal entity whose income from all types of activities for the last four consecutive tax (reporting) quarters exceeds five hundred million hryvnias or the total amount of taxes paid to the State Budget of Ukraine on payments controlled by the state fiscal service exceeds for the same period twelve million hryvnia.
Secondly: The owner of 20% or more of the shares / authorized capital of a company that is not a resident of Ukraine (a company registered abroad) and at that company’s declared income per year is more than 10 million euros.
Our analyst:
This provision does not work now, as the state of Ukraine in fact has no authority and legislative grounds for obtaining tax information about a foreign company. But perhaps this is the first step towards signing a number of Tax Information Exchange Agreements (TIEAs) with other countries.
Recall that on October 7, 2014, Ukraine and the OECD have already signed a memorandum of understanding, which provides for assistance to the OECD in reforming the tax system of Ukraine, as well as sharing tax information with other countries.
Thirdly: a resident of Ukraine whose total annual taxable income for the previous tax (reporting) year must exceed 50 million hryvnia.
If you do not fall under these criteria (unfortunately ... or fortunately), then let's move on to the next innovation:
2) According to the same draft law, it is planned to introduce amendments to Article 62 of the Law of Ukraine “On Banks and Banking Activities”.
It is planned to grant powers to the State Fiscal Service of Ukraine (tax, in simple terms) to receive information from the bank about your bank account : transactions, amounts, payment purposes, etc.
What do you think, why? (ps I don’t know the answer, but I suppose - “to fill the budget through shadow entrepreneurs”)
Previously, only the Security Service of Ukraine, the Ministry of Internal Affairs of Ukraine, the National Anti-Corruption Bureau of Ukraine, and the Antimonopoly Committee of Ukraine had this right.
All of the above mentioned was naturally not up to the “small shadow entrepreneurs”, and it was not their responsibility to monitor the correct payment of taxes , but with the emergence of such tax powers, any person who accepts payments to their local bank accounts may have problems.
We remind you that individuals are obliged to declare their income and pay income tax (PIT) on them.
NDFL rates here.
First of all, it can also affect representatives of the IT sphere , for example, freelancers who do not work through FLP, and accept money not for the same foreign Payoneer, but for a local bank card ... webmasters who also often accept money for their personal account, etc. ...
After all, it is not a secret to anyone that only a few (if any) pay personal income tax from these amounts.
Important:
That this bill will be passed, we are 99% sure.
After all, this is one of the main conditions under which the state of Ukraine will receive $ 1 billion from the IMF.
LAWBOOT Lawyers & Consultants offers you to prepare for innovation and arm yourself with a tax (for example, USA), a tax-free (like Estonia, Hong Kong) or an offshore (Belize, BVI) foreign company, with the help of which you can legally conduct and take on business money from business activities.
We are ready to teach you to conduct business abroad, to create all the necessary tools for convenient use of a foreign corporate structure.
The list of jurisdictions is listed on our website www.law-boot.com
Subscribe to the blog of LAWBOOT Lawyers & Consultants on Megamind, so as not to miss the interesting news in the world of "Law and IT" , Forewarned is forearmed!
Feel free to ask your questions in the comments, BOS, or email us to clients@law-boot.com… and “keep your nose to the wind.”
Source: https://habr.com/ru/post/291858/
All Articles