Accounting Services
Outsourcing Payroll
  1. Home
  2. Blog
  3. Declaration for natural persons in Ukraine

Declaration for natural persons in Ukraine


Article content:

During the change of seasons and the arrival of the spring period, the period for submitting income declarations begins in many countries. Ukraine is no exception, and by May 1, all citizens with income must submit their declaration. But how does this apply to investors and why is it important to them?

  1. Obligation to submit a declaration
    First, income declaration is a legal obligation of Ukrainian citizens, including investors who earn money in the country. It is not only a means to ensure fiscal discipline, but also a way to support social and infrastructure programs that depend on taxation.
  2. Transparency of investments
    The second important reason is to create transparency regarding financial transactions of investors. Submitting an income declaration enables the state and investment authorities to control which assets the investor owns and where the income comes from.
  3. Impact on the market
    Filing a declaration may also affect the financial market. Investors with significant income can use this information to make investment decisions. In addition, it may affect the general confidence in the country’s financial system.
  4. Tax benefits
    On the plus side, filing an income tax return can also allow investors to take advantage of various tax benefits and rebates provided by the government to encourage investment activity.
  5. Promoting the development of the country
    Finally, it is important to emphasize that investing in Ukraine, including the appropriate filing of the income declaration, contributes to the development of the country. This not only stimulates economic growth, but also promotes confidence in the financial system and government efficiency.
tax declaration

Do you want to consult a specialist as soon as possible?

Leave a request and our specialist will contact you shortly

Submitting a declaration of assets and income is one of the important aspects of fiscal discipline in many countries, including Ukraine. But who exactly should do it and why is it so important? Let’s get into the details.

  1. Individuals with Income
    The first category of persons who are obliged to submit a declaration are natural persons who receive income. This can include wages, income from business activities, interest on bank deposits, dividends, proceeds from the sale of property and other sources of income.
  2. Property Owners
    Declaration is also mandatory for persons who own property. This can be real estate, vehicles, securities, bank accounts and other assets. Even if this property does not generate income, the owners must declare it in the declaration.
  3. Public Figures and People with High Social Status
    In many countries, public figures, high-ranking officials and persons with a high social status pay special attention to the declaration of income and property. This is done to ensure transparency, prevent corruption and control the sources of income of such persons.
  4. Tax Discipline and Social Responsibility
    Filing a declaration of assets and income is not only a legal obligation, but also demonstrates financial discipline and social responsibility to the country and its citizens. This contributes to the creation of transparent and fair financial conditions, and also helps the government to raise the necessary funds to meet social and infrastructure needs.
  5. Economic Development Support
    Finally, the declaration of income and property contributes to the economic development of the country. This stimulates investments, allows for efficient use of financial resources, and contributes to the growth of confidence in the financial system.

Filing a declaration of assets and income is mandatory for most citizens in many countries. However, there are certain exceptions and special cases when individuals may be granted the right not to submit a declaration. Let’s figure out who can do it.

Low-income Citizens

In some countries, low-income citizens who have not reached a certain income threshold may be exempted from the obligation to submit an income declaration. This is done to simplify administrative procedures and avoid excessive burden on such persons.

Socially Vulnerable Categories

Special exceptions may be made for socially vulnerable categories of the population, such as the disabled, pensioners or the unemployed. In some cases, these persons may be exempted from the obligation to submit a declaration or have a simplified submission process.

Small Amount of Property and Income

If a person has a very small amount of property or minimal income, he can also be exempted from filing a declaration. This may apply to individuals with small incomes who do not need to be taxed.

Special Cases

There are other special cases where individuals may be exempted from the obligation to submit a declaration. For example, this may refer to cases of military service, lack of physical presence in the country, or other circumstances that make it difficult to submit a declaration.

Consultation with a Specialist

In all cases where a person has doubts about the obligation to submit a declaration, it is important to seek advice from a tax specialist or the relevant tax authority. This will help to avoid possible problems and misunderstandings with the tax service.

In today’s world, income declaration is becoming an increasingly digitized process that allows citizens to efficiently and quickly fulfill their tax obligations. One of the convenient tools for this is the electronic cabinet, where you can find and fill out the Declaration of assets and income. Let’s look at how to do it step by step, as well as what you need to do before you start filling out the reports.

Where is the declaration of property status and income in the electronic cabinet?

Enter the electronic cabinet. To do this, you need to have an account on the web portal of the State Tax Service of Ukraine. This usually requires account creation and authorization using a personal identification number (PIN) and password.
Find the “Declarations” section. After entering the office, look for the appropriate section, where you can find a list of declarations available for filling.
Select “Declaration of assets and income”. In the list of declarations, select this item to submit your annual statement.
What should be done before filling out the report?

Before you start filling out the declaration, you need:

  • Collect all necessary documents. These can be work books, financial reports, statements from bank accounts, property documents, etc. It is important to have accurate and complete information about your income and property.
  • Estimate the income received for the previous year. This includes official wages, dividends, investment income, income from FOP and other sources.
  • Identify income categories. Divide your income into categories such as wages, dividends, investment income, etc. to make it easier to report them on your tax return.

In the declaration, it is necessary to indicate the amount of the official salary for the previous year in the appropriate section, according to the submitted documents.

Dividends received on the territory of Ukraine should be indicated in the relevant section of the declaration, which is usually called “Income from investments”.

Dividends received abroad from securities should also be reflected in the corresponding section of the declaration, which refers to earnings outside Ukraine.

The income received by the sole proprietorship on the general taxation system must be reflected in the appropriate section of the declaration, which concerns the income of entrepreneurs.

Investment income is also reflected in the relevant section of the declaration, which may be entitled “Income from investments”.

Funds received from aid collections should be reported in the appropriate section of the return relating to other income or charity.

Additional information on received investment income can be filled in the appropriate section or an additional document, such as Appendix F1, which is attached to the main declaration.

Filling out the declaration of assets and income in the electronic cabinet can be a convenient and quick way to fulfill tax obligations. By following the above steps and tips, you can easily and efficiently complete your return and ensure compliance with the law.

Would you like to discuss cooperation in person?

Leave a request and our experts will call you soon