Draft Law of Ukraine

“On Declaration of Incomes and Property by Natural Persons”

This draft outlines the procedure for preparing and submitting declarations of property status and incomes of natural persons.

In accordance with the draft law, capable natural persons being citizens of Ukraine and foreigners, who permanently reside in Ukraine, are to declare annually their incomes and property. Natural persons shall declare property and incomes owned on the basis of the right of property or tenancy. In particular, the following objects shall be declared:

• land plots;
• constructions;
• movable property if its value or total value of homogeneous objects of taxation exceeds the amount equivalent to EURO 1,000;
• securities if their nominal value exceeds EURO 200;
• funds, including those kept in banks and other credit-financial institutions, if their amount exceeds EURO 1,000.

Declaration for the previous year is to be submitted annually to the local tax service prior to March 1 of the current year.

This draft law specifies when natural persons may be allowed to postpone submission of their declarations and when the information on property and incomes of higher Ukrainian officials may be made public.

This draft law has been developed for the purpose of meeting requirements of Article 67 of the Constitution of Ukraine. This article stipulates that all citizens shall annually submit to local tax inspection declarations of their property status and incomes earned during the previous year, in accordance with the procedure established by law.