17:46 12.12.2014

Income tax reform will see sellers' providing info about expensive purchases – Fiscal Service

1 min read
Income tax reform will see sellers' providing info about expensive purchases – Fiscal Service

The State Fiscal Service of Ukraine has linked information released about the government's intention to introduce a "new 30% tax" on individuals' income with incorrect interpretations of a government bill amending the Tax Code and Ukrainian laws, which include tax reform.

The press service of the State Fiscal Service of Ukraine told Interfax-Ukraine that documents currently being drawn up by the Cabinet of Ministers of Ukraine with regards to the bill, which was submitted to the Verkhovna Rada during its previous convocation under No. 5079 for debate and amendment. Among the components of proposed tax reform is the introduction of indirect methods for determining the ratio between an individual's income and rate of tax.

"Our mechanism lies between the comparison of individuals' declared income and their actual expenditure. For this purpose, sellers of goods and services will provide information about large purchases under the order, according to which tax agents now submit data on income, both accrued and paid to individuals", the service explained.

The authority stressed that thanks to the new system taxpayers who previously evaded tax declaration on their income would be detected.

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