Taxation procedure
The Main Directorate of the Ministry of Revenue & Duties of Ukraine in Dnepropetrovsk oblast reminds that, the law of Ukraine adopted on 04.07.2014, registered under No.1588-VII, On Amendments to the Tax Code and Some Enactments of Ukraine Relating to Individual Unearned Income stipulates that income obtained as interest earned, dividends, prize awards, winnings is subject to taxation starting from August 1, 2014.
Starting from August 1, 2014, tax agents (banks, credit unions) are liable to independently transfer taxes charged on individual income to the treasury each time the proceeds listed above are paid to an individual. Tax agents (banks and credit unions), who calculate individual income as interest earned on bank deposits (savings or current accounts), savings (deposit) certificates, deposits of the credit union members opened with the said union, are liable to state only total amount of income and tax deductions in 1-ДФ report, without disclosing personal details of depositors to avoid breaching confidentiality, bank secrecy.
