The National Fiscal Service informs
Pursuant to Decree of the Ukraine’s Cabinet of Ministers dd. February 19, 1993, No.15-93, On System of Currency Regulation and Control, a resident of Ukraine is to get an individual license to open an account with a foreign bank, the press-office of the National Fiscal Service reminds.
The procedure for issue of the individual license is regulated by the instruction on procedure and terms for issue of individual licenses by the NBU to residents (legal and natural persons), which permits placing currency valuables in the accounts outside Ukraine, as set out in the resolution passed by the NBU on October 14, 2004, No.485.
In particular, according to par.6.3, chapter 6, Regulation No.485, a license holder, not later than the 15th day of the month following the accounting period (the first accounting month is the month of license issue), is liable to submit a semi-annual update on cash flows to the National Bank of Ukraine and controlling authority that a license holder has registered with as a taxpayer, while a natural person, not an entrepreneur, - a semi-annual update on currency valuables flows in the account (accounts). Along with the report, the documents to be filed are a detailed breakdown of the account (accounts) showing separate debit and credit entries (except a natural person, not an entrepreneur) and copies of bank statements.
In so doing, placing currency valuables by a license holder in the account and/or making other transactions in the account without getting the license, and/or breaching the requirements of the said regulation will entail responsibility, according to the legislation of Ukraine and the said regulation.
In particular, pursuant to Resolution passed by the NBU Management Board on February 8, 2000, No.49 On Approval of Regulation on Currency Control, untimely reporting, non-disclosure or misinterpretation of data in the reports on currency valuables as specified by the central bank will result in imposition of the penalty in the amount of 100 tax-free proceeds of citizens.
