The cabinet will strengthen the control of tax authorities over wealthy Ukrainians.

From 1 January 2019 rich Ukrainians can be under scrutiny of tax authorities.

This draft law was developed on the eve of the Finance Ministry, writes in his article for EP Galina Kalachova.

The author notes that understanding of Finance, a taxpayer with high income is someone who meets one of the following criteria.

The first criterion. The payer is the ultimate beneficiary of the largest taxpayer.

The second criteria. Richest Ukrainian is the one who directly or indirectly owns 10% or more of the share capital or voting rights of acquired shares tax resident of another country with incomes over 1 million euros in the year preceding the reporting.

The third criterion. Rich will be considered Ukrainians with an annual income of more than 50 million hryvnia.

“If a taxpayer has the status of “persons with higher incomes”, it will appear in the state register of physical persons”, – is spoken in article.

As noted, for the rich Ukrainians the bill introduces penalties for late submission of tax returns. The penalty is 10% of the amount of tax charged on the income of individuals.

In addition, the tax authorities will be able longer to verify the Declaration of the wealthy. Thus, under the proposed option, the regulatory authorities have the right to check the correctness of the data in the tax returns for 3650 days (10 years) from the date of filing.

According to EP, the revision of the bill may continue at least until September.

According to the author, the prospects for its adoption are unclear. To spend the document through the Cabinet and the Parliament will be difficult, because it touches a few sensitive aspects.

The first concerns the disclosure of Bank secrecy. The second is associated with possible pressure from the tax authorities after receiving new powers to payers.

Third – access to GFS Bank secrecy before the election may have unintended consequences and undesirable to disclose financial ties.

Also, recall that on 4 July, President Petro Poroshenko submitted to the Verkhovna Rada a law on the tax on capital is derived taking into account the proposals of the relevant budget compensation.