State tax service will have access to your bank accounts

According to the National Revenue Strategy until 2030, the State Tax Service of Ukraine (SST) will have access to information on the movement of funds in the bank accounts of individuals and legal entities. This means that the DPS will be able to receive information about all operations carried out on bank accounts, including:

• Depositing and withdrawing funds.
• Transfer funds to other accounts.
• Payments for goods and services.
• Writing off taxes and other mandatory payments.

Such access will allow the DPS to detect and control tax violations more effectively. This will lead to an increase in revenues to the budget and a decrease in the level of the shadow economy.Specific conditions of DPS access to bank accounts will be determined by law. The law should be adopted by the end of 2024.

Here are some possible consequences of DPS accessing bank accounts:

• Improving tax administration. The DPS will be able to more effectively detect and control tax violations, such as tax evasion, tax understatement and tax evasion. This will lead to an increase in revenues to the budget and a decrease in the level of the shadow economy.
• Reduction of corruption. The DPS will no longer rely on information provided by taxpayers. This will reduce opportunities for corruption and promote transparency of the tax system.
• Improving the protection of taxpayers' rights. The DPS will be able to respond more quickly to the appeals of taxpayers and provide them with the necessary assistance.

However, DPS access to bank accounts can also lead to some disadvantages, such as:

• Breach of privacy. Taxpayers may feel that their privacy is being violated because the DPS will have access to their bank accounts.
• Increasing bureaucracy. DPS may require additional resources to process information from bank accounts. This can lead to increased bureaucracy and complication of tax administration.
• Decreasing trust in the state. Taxpayers may lose trust in the government if they believe their data is being used for political purposes.

It is important that the law on DPS access to bank accounts is adopted taking into account the balance between ensuring effective tax administration and protecting the privacy of taxpayers.

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Accountant's help

An accountant can also help taxpayers with matters related to taxation in general. For example, an accountant can help taxpayers:

• Optimize the tax burden.
• Respond to the requirements of the DPS.
• Protect your rights in case of tax disputes.

If you are concerned about the DPS accessing your bank accounts, you can seek advice from an experienced accountant. An accountant will help you understand your rights and obligations, as well as ensure the protection of your interests.