Ukraine Approves Tax Amnesty Criticized by IMF for Graft Risk
Volodymyr Zelensky
Photographer: Sergei Supinski/AFP/Getty Images
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Ukraine approved a tax amnesty championed by President Volodymyr Zelenskiy to swell state coffers by combating the shadow economy.
Legislation finalized Tuesday by parliament will allow individuals to declare previously undisclosed assets without punishment. The International Monetary Fund has criticized the proposal, saying global experience shows such measures often hurt long-run revenue collection as people put off paying taxes in expectation of future amnesties. It also warned against allowing people the chance to launder the proceeds of corruption and other criminal activities.