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Responsibility to declare taxable deposits conferred on depositors

Kyiv. September 24, 2010

In case of the draft Tax Code adoption the banks having a tax agent status in relation to taxable deposit interests will not bear responsibility for completeness of information disclosed by a depositor with regard to total amount placed on deposits with different financial institutions, as reported by lawyers interviewed by Interfax-Ukraine.
According to Associate of Volkov Koziakov and Partners Taras Rozputenko, disclosure, if requested by regulating authorities, by banks of certain information relating to legal entities is governed by the applicable legislation, but disclosure of like information relating to individuals in case where a bank serves a tax agent is not specified.
Thus, under the law and the draft Tax Code, if funds deposited with two or more non-related banks, the responsibility to determine the amount of taxable income is rested on an individual who entered into a respective bank deposit agreement.
Mr. Rozputenko pointed out that individuals may optimize the taxation of deposit interests exceeding the limit envisaged by the draft Code through opening deposit accounts in the name of relatives.
”A legal instrument to optimize taxation of incomes arising from deposits could be distribution of the deposited funds amidst related individuals, for example family members", said Mr. Rozputenko.
Reportedly, before the draft Tax Code adoption the government of Ukraine voiced an idea to impose tax on incomes arising from every deposit exceeding the amount of UAH 200 000, which was supposed to insert into the said draft Code.
The draft Tax Code registered in the Parliament stipulates a 5% taxation of the income arising from deposits, which as twice as larger than minimum wage set as at January 1 of the reporting year. Securities income is taxable at the same rate.
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