Resolution No. 888 of the Cabinet of Ukraine dated 22.08.2023 (the “Resolution”) amended the Regulation on STS, authorizing tax authorities to monitor the activities of non-bank payment service providers and electronic money issuers.
In particular, from now on the above-mentioned entities are obliged to:
- notify tax authorities about the opening / closing of taxpayer accounts,
- at the request of the tax authorities, provide certificates and information on the amount and circulation of funds in the accounts, in particular, on the non-receipt of foreign exchange revenue from business entities, information on the debtor’s agreements on the storage of valuables or the provision of an individual bank safe for rent to the debtor.
Violation of the mentioned obligations is subject to liability. Thus, non-bank payment service providers and electronic money issuers will be charged the following fines:
- for non-submission to the tax authorities of a notification on the opening / closing of taxpayer accounts – 680 ₴ for each case of non-submission or delay,
- for carrying out transactions on taxpayers’ accounts before receiving a notification from the tax authority about their registration in the STS – 10% of the amount of all transactions for the entire period before receiving such notification, but not less than 1,700 ₴.
In addition, according to the Resolution, the provisions of the Regulations on the Taxpayer’s Accounts and Cash Funds will also be extended to electronic wallets and electronic money.
![Law Firm Logo](https://sdm-partners.com/wp-content/uploads/2023/09/sdm-bot-logo.png"){kind=logo}