NAZK Clarifies Updated Asset Declaration Requirements: Resignation, Data Requests, and Financial Holdings

NAZK Updates Declaration Guidelines

According to НАЗК: The National Agency on Corruption Prevention (NAZK) has published clarifications to address common questions regarding asset declarations. The guidance covers new rules for filing upon resignation, the process for requesting a 'Data for Declaration' certificate, and the requirements for declaring monetary assets. NAZK's contact center has compiled responses to the 'Top 3' most frequent inquiries on these topics. This update is part of Ukraine's ongoing anti-corruption reforms, which mandate financial transparency for public officials.

An individual who resigns during the declaration campaign period must submit three separate declarations:

• an annual declaration for the previous year;
• a declaration upon resignation, covering the period from January 1 of the current year to the date of resignation;
• an annual declaration for the previous year, marked with the note 'I have ceased to perform the functions...'.

It is important to note that if a person leaves a position with a declaration obligation and is employed in a similar role at another institution within 30 days, this is not considered a termination of activity for the purpose of filing a resignation declaration.

Requesting a 'Data for Declaration' Certificate

The 'Data for Declaration' certificate can now be ordered through the personal electronic cabinet of the Declarations Register. This certificate can only be generated once, and the process typically takes 1-2 days. It should also be considered that the State Register of Individual Taxpayers may currently lack income information for Private Entrepreneurs (FOPs).

Private Entrepreneurs (FOPs) under simplified tax system groups I and II must file their tax return by March 2 of the current year. Regarding monetary assets, those held in foreign currency should be declared in the original currency without conversion to the hryvnia. There is no requirement to declare monetary assets whose total value does not exceed 50 times the subsistence minimum for able-bodied persons as of January 1 of the reporting year.

Objects subject to declaration in the 'Monetary Assets' section include:

• cash;
• funds in bank accounts;
• deposits in credit unions and other non-bank financial institutions;
• funds loaned to third parties;
• assets in bank metals.

This information is intended to help citizens better navigate the new declaration rules and comply with legal requirements.

According to the updated declaration rules, individuals who resign must be attentive to filing deadlines to avoid potential administrative sanctions. The new option to request a 'Data for Declaration' certificate is also significant, as it will simplify the process of gathering necessary information for filing. This innovation may positively impact tax discipline among private entrepreneurs and other categories of declarants.