
Taxation of foreign currency income for individual entrepreneurs (FOP) in Ukraine on Wise and Payoneer: 6% or 23%?
If you are a sole proprietor (FOP) working with foreign clients – a designer, marketer, developer, or copywriter – sooner or later you face the question: how should you receive payments from abroad?
FOPs who receive payments from foreign clients via Wise or Payoneer often believe that it is enough to pay 5% single tax. However, in practice, a single mistake in the accounting model can lead the tax authorities to reclassify the income as personal (individual) income. In that case, instead of 6% in taxes, the entrepreneur risks paying 23% plus penalties.










