Tax Committee provides clarification on P2P transfer monitoring

The Tax Committee has responded to the feedback provided by the Central Bank and the public regarding a draft resolution on monitoring large P2P transfers between bank cards.

According to the Committee, the exchange of information with banks is carried out strictly within the requirements of the Tax Code and the Law "On Bank Secrecy." It is noted that these documents provide for the procedure of submitting certain data for taxation purposes.

The agency emphasized that P2P transfers themselves are not considered a taxable object. In other words, ordinary money transfers between individuals are not automatically subject to taxation.

The Tax Committee states that this initiative is not aimed at mass surveillance of personal transactions. The goal of the project is to create a clear and transparent mechanism for exchanging information with banks.

According to the Committee, the proposed procedure is viewed as a mechanism aligned with international practice. At the same time, it was specifically highlighted that bank secrecy and the constitutional rights of citizens will be respected.

The period for accepting proposals and objections regarding the project has concluded. The Tax Committee announced that before a final decision is made, all expressed opinions, including the arguments of the Central Bank, will be reviewed.