How to declare a purchase and currency exchange in 2020: Explanation of NACP

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Purchase of currency in excess of one hundred thousand is subject to mandatory declaration

How to declare a purchase and currency exchange in 2020: Explanation of NACP

The NACP announced that the purchase and exchange of foreign currency in amounts of more than 50 living wages is subject to declaration. When doing a currency exchange transaction, a person acquires a new asset – cash in a new currency. It is shown in section 14 “expenses and transactions of the subject of expenditure” when the lump sum expenditure of the case or the value of the subject of the transaction exceeds the sum of 50 living wages.

The cost of living is determined by the amount established on January 1 of this year. In 2020, the 50 living wage is 105 100 UAH.

Further, if the purchase of foreign currency in the amount of more than 50 living wages is a one-time expense, the subject of the declaration which contains the requirements of Part 2 of Art. 52 of the law, notice of a significant change in the condition of the property must be filed.

Detailed instructions and clarifications, along with the status of the NACP on other relevant issues of the declaration, are published on Website Agency.

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Recall that the NACC had published rules declaring cryptocurrency in Ukraine, creating an “intangible asset” clause for the process.

The definition of cryptocurrency has also been developed – according to FATF standards (anti-money laundering group). According to him, cryptocurrency is a digital expression of value that can be traded or transmitted in a digital format and which can be used for payment or investment purposes.

Read: Crisis results: It is known what the dollar exchange rate and average monthly salary will be this year.


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