Barbaric tax will appear in Ukraine

Azarov wants to introduce deposits tax

In brief: The tax on deposits will be for the Ukrainian banking sector a real test against the second wave of the crisis.

Ukrainian Cabinet proposes Verkhovna Rada to introduce a tax of 5% on income derived by individuals from placing funds on deposit or current bank account. This is stated in the draft Tax Code (bill number 6509), developed by the Cabinet of Ministers and registered in the Verkhovna Rada on June 15.

“The tax rate is 5% of the tax base on income accrued by a tax agent as a percentage of the current or bank deposit accounts (including cards),” – the document says. At a rate of 5%, according to the draft Tax Code will also be taxed physical persons income derived from interest on savings certificates inscribed in the form of interest on deposits, the members of credit unions, in the form of investment income paid by an asset management company. At the same rate (5%) Cabinet proposes to tax the income of physical persons, received as income on the mortgage certificates, certificates for the funds of real estate transactions, as well as revenues paid by the fund for financing construction, and earnings of participants funds of bank management. The basic rate of tax on income of individuals, according to the draft Tax Code, is 15% of the tax base. At the same time, the draft Code states that for a number of cases, a dual tax rate on incomes physical persons. It is proposed that such rates apply to income credited as winnings or prizes (except the state lottery money) in favor of residents or nonresidents. For double the rate of adoption of the draft Code will be required to pay taxes and non-resident physical persons (according to all income). The draft Tax Code also states that at 10% taxable income of physical persons, obtained in the form of wages the miners, mine construction workers of the enterprises engaged in underground work full time, as well as by government paramilitary rescue services and a number of other categories of workers in production with a particularly dangerous and difficult conditions. As reported previously the National Bank in favor of extending the moratorium on taxation of income of individuals from their bank deposits.

Ukrainian Globalist
2010-06-15 23:19, Economics.

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