• 27/04/2024 11:55

Ukrainian refugees abroad must submit income declarations: what are the consequences of non-payment of taxes

Ukrainian refugees abroad must submit income declarations: what are the consequences of non-payment of taxes

The first automatic exchange of information on financial accounts according to the international reporting standard will take place in September 2024. /p>

Ukrainian refugees must submit income declarations to the State Tax Service of Ukraine by May 1, including those received abroad. To control the payment of taxes, there will be an exchange of information between Ukraine and 110 foreign tax administrations.

This was reported by the Glavkom publication.

From July 1, 2023, Ukrainian banks began collecting information about their non-resident clients in the CRS (Common Reporting Standard) standard in order to inform the tax authorities and further exchange this data with others states. Also, other countries are collecting information in the case of accounts of Ukrainian residents.

The first automatic exchange of information on financial accounts according to the international reporting standard will take place in September 2024.

According to the law on amendments to the Tax Code of Ukraine and other legislative acts regarding the implementation of this international standard, countries will exchange data for the second half of 2023. This will be the first reporting period, and subsequently the reporting period will be the previous calendar year.

The exchange of information will concern data on non-resident account holders located in the relevant reporting state.

Even refugees of retirement age are required to declare their income, in particular, social assistance received abroad. Social assistance is not subject to taxation, but failure to submit a declaration may lead to a fine (340 UAH) in case of refusal to declare.

Funds in foreign banks of Ukrainians that do not exceed $250 thousand will not be taxed in Ukraine. Large amount will be a reason for “chain letters” from the tax office.

Moreover, if, for example, the German social service finds out that refugees have funds in Ukrainian or German banks, they will have to at least return all social assistance received over two years . In addition, it will be necessary to return the paid cost of housing and medical insurance (and this is already about 20 thousand euros per person).

If this requirement is ignored, liability may arise in the form of imprisonment for up to five years in German laws.

Recall that in the German Bundestag calls began to be heard to deprive Ukrainian men of benefits who are in the country with refugee status.

tsn.ua

Leave a Reply

Your email address will not be published. Required fields are marked *