Tax amnesty in Ukraine

From September 1, 2021, a tax amnesty or one-time declaration began in Ukraine. The corresponding law No. 1539-IX was adopted on July 15, 2021 in order to legalize income and improve the tax culture of Ukrainian citizens.

The tax amnesty in Ukraine will be carried out from 09/01/2021 to 09/01/2022. Individuals have the right to voluntarily, one-time declare all their assets on which taxes have not been paid.

For any questions related to one-time voluntary declaration, you can contact Legal Solutions company. Our experts will explain who is affected by the tax amnesty, how to properly declare your assets and calculate the tax rate. We will provide turnkey support for this process.

What is a tax amnesty?

A tax amnesty is a special procedure for the voluntary declaration of assets owned by an individual, the amnesty occurs at preferential tax rates.

The importance of amnesty is due to the need to attract additional sources of budget replenishment.

Tax Amnesty: Key Aspects

What are the key points to pay attention to:

• voluntary declaration can be carried out only once in the period from 09/01/2021 to 09/01/2022;
• there are preferential declaration rates: meaning, assets abroad - until 03/01/2022;
• installment payment of taxes up to 3 years;
• any assets on the territory of Ukraine and outside it (if they were acquired from funds received on the territory of Ukraine) are subject to declaration;
• the assets were not declared earlier, in violation of the norms of tax and currency legislation;
• you can declare assets for any reporting period until 01/01/2021;
• declared property is taxed at a fixed rate, which is a mandatory payment and is payable.

Who can get a tax amnesty?

The right to submit a declaration may be exercised by:

1. Citizens of Ukraine, including self-employed, as well as those who worked abroad.
2. Non-residents of Ukraine (provided that by the time they received the assets specified in the declaration, they were tax residents of Ukraine and paid taxes in Ukraine).

The law establishes a list of persons who cannot be declarants. These include:

• persons under the age of 18;
• persons recognized in the manner prescribed by law as limited capable or incapable;
• entities subject to economic sanctions or other restrictive measures;
• persons who declared or are required to declare their income (in any period starting from 2005).

If an individual did not use the granted right (tax amnesty), it is considered that he notified the regulatory authorities about the absence of assets received at the expense of taxable funds, and from which mandatory payments and fees were not paid.

List of assets subject to tax amnesty

The declarant has the right to declare:

currency values;

• real estate (including construction in progress);
• cars;
• antiques;
• precious stones and metals;
• valuable works of art;
• corporate rights;
• the right to receive property benefits (for example, dividends).

This is not an exhaustive list of assets for which a voluntary declaration can be filed. By contacting the "Legal Solutions" company, you will receive consulting services and practical assistance in filling out the declaration from leading professionals.

Tax amnesty consultations

The clients, after getting acquainted with the law on tax amnesty, have many questions. If you want to get up-to-date information and receive support from highly qualified specialists at every stage of declaring personal assets, please contact Legal Solutions.

At a legal consultation you will have information about:

• Are you eligible for tax amnesty?
• What property can be declared?
• How to fill out the declaration correctly?
• What tax rates are used?
• Whether the declarant faces liability for tax evasion?
• Whether it is possible to apply penalties?
• Whether the data will remain confidential, etc.
• Advice on tax amnesty is the first step towards legalizing your income.

The Legal Solutions company offers a full range of tax amnesty services to individuals. We guarantee high quality services, competent approaches and loyal prices. Choose the best method to get in touch.

And remember that the voluntary declaration will be checked by regulatory authorities in a special order. Therefore, it is important to take care of compliance with all legal subtleties, reliability and correctness of the information provided. The best decision is contacting the "Legal Solutions" company. We know how to help you!