Ukraine Calls for Stricter Reporting Standards for HNWIs

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Ukraine’s finance ministry has published a draft bill in hopes that it will establish improved and stricter tax reporting requirements for high net worth individuals (HNWIs). The draft bill will essentially grant the Ukrainian tax authorities greater rights and ease of access to the bank statements of such individuals that earn amounts that are significantly higher than the average income.

Officials will also be granted rights to look into up to ten years of the person in questions tax filing history, and impose late filing fines of up to 10% of the amount of tax payable.