“Leaving cash – can’t be denied?” – a roundtable discussion about the need for cash for Ukrainians, organized by “Financial Club”, was held

On February 11, the Finance Club organized a roundtable on Do Ukrainians Need Cash?, the speaker of which became Yaroslav Romanchuk, an attorney-at-law, the managing partner of theLegal Group EUCON.

Thus, seven leading experts discussed the risks of replacing a fiscal check with a check from a terminal, a cashless economy, the obligation to accept electronic payment means, POS-terminals against alternative payment services, etc. The round table was moderated by Ruslan Chorny, Managing Partner of the “Financial Club”.

In particular, Yaroslav Romanchuk noted that business application to legal consultants are carried out most often on the following questions (2 categories): E-commerce – sale of goods through online shops and social networks and agrarian sector – procurement of agricultural products and secondary raw materials. According to the expert, the situation with problems in the field of taxation in rural areas is more complicated.

“There is a very low tax culture in Ukraine, and the task of the state is to resolve this issue,” Mr. Romanchuk said. For example, only 5% of foreigners in 2018 declared income from a source abroad. Compliance with tax laws will provide a significant resource for enriching the budget. The speaker also emphasized that Ukraine should choose a way to balance the tax rates, that is, the rates should be equal.

Danil Getmantsev, the Chairman of the Verkhovna Rada Committee on Finance, Tax and Customs Policy, noted that the main focus of the Committee’s work was the de-shadowing, in particular in the areas of taxation, trade fiscalization, regulation of banking and financial services, etc. Such actions are aimed at creating a new qualitative level of economy and understanding of the processes that are currently taking place in society.

“Do Ukrainians need cash? So far – yes. Do we need the cash reduction in the economy? Undoubtedly. Everybody should work on it: banks, regulators, law enforcement agencies, and networks that sell goods and services to Ukrainians. Increasing non-cash payments in the Ukrainian economy will improve the life for all because it is both an increase in the tax base and opportunities for improving the life of the population in general” Ruslan Chorny said at the conclusion of the roundtable.