From today, income on deposits shall be taxable

1 July 2014 15:36  5573346 074212
From today, income on deposits shall be taxable

On July 1, the Law of Ukraine on prevention of financial disaster and creating conditions for economic growth in Ukraine came into force. In particular, this law introduces the progressive scale of taxation of citizens' passive income with a basic rate of 15%.

Under the law, passive income includes the income in the form of interest payments on bank deposits and bonds, royalties and income from rental property, the "UNIAN" reported.

The income, which in total exceeds 20,000 UAH, shall be taxable.

The 15% rate shall be applied to the income of 20,000 UAH to 236,000 UAH (204 subsistence minimums), the 20% rate - to the income of up to 1,000,000 UAH (396 subsistence minimums), the 25% rate - to the total passive income over 1,000,000 UAH.

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