Ukraine wants to tighten control over pension tax payment: Cabinet submits draft law

In Ukraine, there are plans to strengthen control over the accrual and payment of the mandatory state pension insurance fee for certain business transactions. The Cabinet of Ministers has registered the relevant draft law No. 16090 in the Verkhovna Rada.

The document provides for amendments to the legislation that should improve the mechanism for controlling the completeness of the accrual and payment of the pension fee.

What the Cabinet of Ministers proposes

The draft law No. 16090 provides for amendments to several laws of Ukraine at once:

“On Notary”;

“On the Compulsory State Pension Insurance Fee”;

“On General Compulsory State Pension Insurance”.

The main goal of the proposed changes is to strengthen control over the correctness of the accrual and completeness of the payment of the pension fee for certain types of business transactions. The proceeds from such payments are administered by the Pension Fund of Ukraine.

Thus, the government proposes to update the legislative mechanisms by which the receipt of relevant funds into the mandatory state pension insurance system is controlled.

Details of the draft law have not yet been published

At the same time, specific innovations and mechanisms for enhanced control are currently unknown.

As of the time of publication of the information, the text of draft law No. 16090 has not yet been published. Therefore, it is not yet possible to determine which control procedures the government proposes to change and how the innovations may affect tax payers.

After the publication of the text of the document, the detailed provisions of the legislative initiative and the list of proposed changes will become known.