Cryptocurrency has minimal impact on the shadow economy, and most of the “shadow” is in trade, – Danylo Getmantsev
3 June 12:14
The shadow sector of Ukraine’s economy is worth about UAH 800-900 billion a year. The shadowing of certain industries reaches 60%, which is a major obstacle to the development of the country’s economy. This statement was recently made by Danylo Hetmantsev, Chairman of the Tax Committee of the Verkhovna Rada of Ukraine . Danylo Hetmantsev spoke about the most shadowed sector of the economy and how to counteract the problem in a blitz interview for
Trade is the most shadowed sector, where the level of shadow exceeds 50%
– Which sector of the economy do you consider the most shadowed today? What is the reason for this?
– Trade is the most shadowed, where the level of shadow exceeds 50%. This is due to widespread tax evasion practices when importing goods into the customs territory of Ukraine, as well as when selling goods for cash, without documents within the country, and/or through the division into individual entrepreneurs.
– Is it appropriate to talk about a certain level of shadowing of the country’s economy through cryptocurrencies?
– The level of shadowing in this area is not high, as crypto, despite the general impression, is not widely used for payments in trade. It is still too complicated for an average Ukrainian.
– 3a According to you, this year the fiscal authorities have the opportunity to ensure the state budget revenues from de-shadowing in the amount of $4 billion. This is the task of the tax authorities, in particular. How realistic do you think these expectations are?
– So far, we are lagging behind the expected result. But I am convinced that it will be achieved by the business and the State Tax Service.
– You have emphasized that unshadowing “is not only about filling the budget, but also about business and the same rules for everyone.” So when will they start working so that business can really feel it?
– Yes, first and foremost, it is about implementing the rule of law, the same rules for everyone. This cannot be achieved by any single decision or one-time action. It is a daily hard process, like training a muscle. And it depends on everyone: first and foremost, of course, on the state, but also on citizens who should not tolerate corruption and shadow. The rule of law is not something written once and for all. It is a principle that you have to realize every day.
– What should the government do to reduce the level of the shadow economy in Ukraine?
– The same things they are already doing. It just needs to be done faster, more consistently and on a larger scale.
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