The tax authority will gain access to addresses and bank accounts: what awaits online platform sellers.

The tax service in Ukraine will be allowed to obtain information about monetary transactions on the bank accounts of online platform sellers upon their request. According to the new draft law, online platforms must also provide tax authorities with information about sellers, including their residential address and the location of rented accommodation. The draft law will be registered in the Verkhovna Rada for consideration.

A seller on the platform will be considered any user registered on the platform for commercial activities. An accountable seller will be an active seller who is a resident of the jurisdiction that enters into an agreement with the platform or rents property located in such jurisdiction. The draft law also provides for simplifications for individuals selling small volumes through the platform.

Platform operators will become tax agents and will be required to submit reports on the income of accountable sellers to tax authorities. In turn, the tax service will have the opportunity to obtain information from banks about the monetary transactions of sellers on accounts. The draft law also includes penalties for failure to submit reports and violations of the obligation to disclose bank secrecy.