IMF recommends Ukraine to weaken banking secrecy

The international monetary Fund recommends Ukraine to weaken banking secrecy in order State fiscal service of Ukraine, which aims to control banking transactions, was not constrained to receive account statements.

It is stated in the report of the International monetary Fund, according to the «Fourth power».

GFS can get access to the Bank statements, and then, after obtaining appropriate court orders. Thus, the illegal cashing of funds, which is a direct tax evasion, identify problematic.

«In order to make real steps to combat the informal sector (shadow economy – ed.), it is necessary to soften the legislation on banking secrecy. For example, to make so that to receive sufficient information was only relevant decision of the National Bank», — said in the report.

Earlier it was reported that the IMF believes the new system of taxation in Ukraine is very complicated and such, which gives the opportunity to different interpretations of the law and avoid the tax service.

«Despite recent reforms, the current General tax system remained complex. The complexity is associated mainly with complicated and sometimes ambiguous language of its texts, which entails a different and arbitrary interpretation of the law. This creates a fertile ground for antagonism between taxpayers and the SFS (Gospitalny service, -an edition), and the lack of effective dispute settlement mechanisms — administrative or judicial — only exacerbates it», — stated in the IMF report on Ukraine.

IMF recommends Ukraine to weaken banking secrecy 10.02.2016

Февраль 10th, 2016 by
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