NOTIFICATION OF SIGNIFICANT CHANGES IN PROPERTY (PART 2)

 In the previous article, we began to consider topical issues that arise when a person submits to the NATIONAL AGENCY AGAINST CORRUPTION notification of significant changes in property status (Notification). Today, we will continue to analyze the most common situations and issues that each of us may face when composing the above messages.

 The next question we will consider is: " Is it necessary to indicate the information in the declaration that has already been reflected in the Notification of such subject of declaration? "

 So it is necessary, but there are features. If a person provides information about significant changes in property status, this does not mean that he should not indicate this information in his declaration for the reporting period.

 The peculiarity lies in the existence of different thresholds of declaration established by law to indicate the information in the Notices and declarations. In particular, for the Notification, the legislator set a minimum threshold of 50 subsistence minimums (SM). That is, the information in the Notice is indicated when the amount of income, acquired property or expenditure exceeds 50 PM, and a minimum threshold of 100 PM is set for the declaration of movable property. Thus, in the case of acquisition of movable property worth from 50 to 100 PM, it must be indicated in the Notice, but in the declaration information about it should be indicated only in section 14 "Expenses and transactions of the declaring entity", as the threshold of declaration in this section is also 50 PM.

What is meant by “income” and “expenses” when a person submits a Notice?

 When analyzing these categories, you can formulate the characteristics that should be endowed with both income and expenses. Such features include: the occurrence of an actual change in property status, income and expenditure should be one-time, not cumulative.

 The actual change should be understood as the real changes that the property status of a person has undergone, in connection with the acquisition of property, income or expenditure. That is, in the case of accrual of wages to a person, the real change should be considered the accrual of the amount with tax deduction.

 "One-time income" (the same applies to expenses) should be understood as the receipt of income from one source, and which has a specific accrual date. That is, if a person receives a salary in installments: for the first half and for the second half of the month, the Notice is submitted when the amount of salary for one half of the month will be more than 50 PM.

What to do when the value of such property is unknown when receiving an inheritance, gift, privatization of real estate?

 If a person receives an inheritance, a gift or privatizes real estate, the value of which he does not know and the valuation of which he did not conduct, the person is not obliged to submit a notice of this property.

 If you are submitting this Notice for the first time and do not know how to complete it correctly, or you have any questions regarding the submission of this Notice and other types of declarations, contact Prikhodko & Partners Law Firm. We will always be happy to advise you and provide you with professional legal assistance.