The Verkhovna Rada Committee on Tax and Customs Policy supported the draft law No. 5270, which regulates the activities of electronic residents of Ukraine. The committee recommended that Parliament support the bill as a whole.
According to the Minister of Digital Transformation of Ukraine Mikhail Fedorov, work on the e-residency project began even before the war, and after the invasion they were significantly accelerated. In his opinion, the introduction of e-residency will allow attracting additional funds to the budget and supporting the economy of Ukraine. The e-resident status will allow foreigners to register in a mobile application in a few clicks. And then they get the opportunity to open a business in Ukraine and pay taxes on favorable terms. All this can be done even without a presence in Ukraine. The same e-Residency model is already in use in Estonia.
If bill No. 5270 “On Amendments to the Tax Code of Ukraine and Certain Other Legislative Acts of Ukraine on Specifics of Taxation of Entrepreneurial Activities of Electronic Residents” is adopted, electronic residents of Ukraine will be able to:
- Register as FOP 3 groups through a mobile application without a physical presence in the country.
- Open a bank account for business activities online.
- It is automated to pay a single tax in the amount of 5% of the amount of income.
At the same time, all documents on the activities of FLP will be held in electronic form, all correspondence with the State Tax Service will be online, and all settlements will be in a non-cash form.
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It is noted that in order to obtain the status of an electronic resident of Ukraine, a specialist must first register with Dії and pass a financial and security check. Citizens of the aggressor country of the Russian Federation, persons blacklisted by the FATF, as well as persons with income in Ukraine (except for passive income) will not be able to be e-residents. The list of countries whose citizens are allowed to become e-residents is determined by the Government.
The authors of the bill believe that the status of an electronic resident can be useful for specialists in countries with a difficult political and economic situation, since it will help to legally work with developed civilized markets and protect their income.
As expected, the e-residency mechanism will start working from 2023.
Source: Mintsifra , Mikhail Fedorov
