Highlight of the month: Nota Group explains how to use the tax amnesty in Ukraine
Svitlana Kucher, head of the Audit Department at Nota Group (Octava Group of Companies), speaks for the portal readers and participants in the European Business Association about the specific aspects of applying the standards of “tax amnesty” to come into force on 1 September 2021.
“To submit or not to submit a tax return is up to you. Yet, once the determined declaration period expires, the Government promises to hold a rigid inspection and punish those who have failed to enjoy the opportunity to legalise the assets. Failure to pay taxes is punishable by a penalty, deprivation of the right to hold certain positions or engage in certain activity for up to three years, in addition to the seizure of property. However, the maximum penalty may only amount to UAH 425 thousand”, Svitlana states.
For more details on the procedure and standards provided for by the updated tax legislation on incomes of individuals in Ukraine, please visits the pages of the EBA official resource.