Law’s enactment
The Verkhovna Rada of Ukraine has approved the law On Changes to the Tax Code of Ukraine and some other legislative documents of Ukraine covering an issue of unearned income, says the VR’s website.
The linear tax rate on unearned income introduced by the law is15%;
tax rate on royalty, tax on income from investment and dividends is as that stipulated in the previous edition of the Tax Code of Ukraine, which was valid until July 1, 2014, the income tax rates are 15 (17%) and 5%, respectively;
other unearned income from assets allocation is taxed at the single rate of 15%.
The law also specifies the norms setting forth in the Tax Code of Ukraine concerning the procedure for charging anew the tax levied on individual income in case of pre-term termination of deposit contracts, and recalculating the income tax on interest accrued.
This law enters changes to the Budget Code of Ukraine, which says the revenue from the income tax on interest accrued on current (deposit) accounts of individuals opened with banks or leasing associations will be transferred to the government coffer of Ukraine.
The said above bill has been registered under №4101а.
