Accounting of income of Ukrainians from a bank card

From January 2022, Ukrainians will begin to check their income thanks to indirect control methods. The tax service of Ukraine will conduct such a ​​proverku if unofficial income was received on any bank card of a Ukrainian.

 

What is financial monitoring?

Financial monitoring is the verification, control of transactions carried out by a person, applying for the provision of certain financial services in various areas to certain entities. Increased attention to financial transactions and monitoring is associated with an increase in the incidence of terrorist acts in the world, the proliferation of weapons of mass destruction and the increase in financial laundering operations earned illegally by criminal actors.

 

What is the purpose of financial monitoring?

The primary objective of financial monitoring is to ensure national security through measures to identify and prevent the legalization of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction.

The second task is that the proceeds obtained by criminal means should in no way be legalized. Persons who perform such financial transactions act not only contrary to the law and general morals, but also profit from such financial transactions.

 

Which transactions are subject to financial monitoring?

In this case, it is appropriate to note the existence of such a concept as threshold financial transactions. Threshold financial transactions are transactions during which the entities will definitely check you and report them to the relevant authorities responsible for monitoring. These include those whose amount exceeds 400,000 UAH (in the field of lotteries/gambling – 55,000 UAH) or equals/exceeds the amount in foreign currency, bank metals, other assets.

Transactions with one or more of the following characteristics are subject to financial monitoring:

  • is made in cash (deposit, transfer, receipt of financial funds);
  • transactions involving politically significant persons (public persons, politicians and family members or persons associated with them);
  • the transfer of funds is carried out abroad (especially to offshore zones);
  • is carried out with the participation of persons whose place of registration is located in countries assigned to the “black list” (FATF recommendations are not implemented).

What income of Ukrainians will be checked?

Tax authorities will compare official revenues with expenses. For an undeclared difference, you will have to pay tax if you do not succeed in confirming the origin of the funds.

Income of Ukrainians who will check:

  • Independent professional activity;
  • Informal labor;
  • Money received from abroad;
  • Renting out real estate;
  • Investment activities;
  • Gifts;
  • Forgiveness of debt and loans in excess of a quarter of the minimum wage;
  • Sale of livestock products if the amount of income exceeds 50 minimum wages (more than UAH 325,000);
  • Charitable or non-target assistance;
  • Sale of real estate.

Taxes will not apply to:

  • Savings up to UAH 400,000;
  • Residential real estate, the area of ​​which does not exceed 120 m²;
  • One car.

It should be noted that financial transactions, an attempt to conduct transactions, regardless of the amount for which such transactions are made, are considered suspicious if the subject of primary financial monitoring has a suspicion or sufficient grounds for suspecting that such transactions are the result of criminal activity or are associated with criminal activity, and also relate to the financing of terrorism or the financing of the proliferation of weapons of mass destruction.

 

Before making any financial transaction, we, as your lawyers, advise you to seek further advice on this matter.

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