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Military levy on transactions with currency valuables
EY LLC, Kyiv, Ukraine,Wed, March 18, 2015
Recent changes to tax law have created uncertainty regarding which particular transactions with currency valuables are subject to military levy if carried out by individuals On 13 March 2015 Law of Ukraine “On Amendments to the Tax Code of Ukraine” No 211-VIII dated 2 March 2015 (hereinafter – the “Law”) came into force. Among other novelties, the Law amends how the military levy is applied, introducing an additional list of types of income subject to the levy.
Such income now includes income from transactions involving transfer of the right of ownership to currency valuables (excluding securities), i.e., involving foreign currency in cash, coins and precious metals.
The wording of the Law is ambiguous. It is unclear if the military levy is withheld only upon sale of currency valuables by individuals or also upon purchase of currency valuables by individuals (in this case the military levy would apply at 1.5% along with the existing Pension Fund levy at 2%).
At the moment there is no common understanding between market players regarding the practical application of the Law.
We continue to monitor the changes and will inform you of any developments in this case.