LAW OF UKRAINE

of April 13, 2021 No. 1383-IX

About introduction of amendments to the Tax Code of Ukraine concerning restructuring of obligations on foreign currency loans and adaptation of procedures of insolvency of physical persons

The Verkhovna Rada of Ukraine decides:

1. Bring in the Tax code of Ukraine (Sheets of the Verkhovna Rada of Ukraine, 2011, Art. No. No. 13-17, 112) the following changes:

Subitem 14.1.11 of Item 14.1 of article 14 after the paragraph of the eleventh to add 1) with the new paragraph of the following content:

"i) debt of physical person which remained outstanding before the mortgage holder after implementation according to article 36 of the Law of Ukraine "About mortgage" addresses of collection regarding mortgage by extrajudicial settlement based on the agreement if the law or the agreement provide that after completion of such extrajudicial settlement any subsequent requirements of the mortgage holder for execution by the debtor - physical person of primary obligation are invalid".

With respect thereto the twelfth - the fifteenth to consider paragraphs respectively paragraphs the thirteenth - the sixteenth;

2) in subitem 164.2.17 of Item 164.2 of Article 164:

the paragraph one of the subitem "d" to state in the following edition:

"e) the main amount of debt (credit) of the taxpayer (except the amount of the remitted (cancelled) principal debt of the taxpayer on foreign currency mortgage loan, provided with mortgage of the residential real estate) forgiven (cancelled) by the creditor according to its independent decision which is not connected with insolvency proceeding before the expiration of the limitation period if its amount exceeds 25 percent one minimum wages (per year) established for January 1 of accounting tax year. The creditor shall notify the taxpayer - the debtor by the direction of the registered mail with the assurance of receipt or way of the conclusion of the relevant agreement, or provision of the notification to the debtor under list personally on forgiveness (cancellation) of debt and to include the amount of the remitted (cancelled) debt of tax calculation of income amount added (paid) for benefit of taxpayers following the results of the accounting period in which such debt was remitted. The debtor independently pays tax with

such income also reflects them in the annual tax declaration. In case of the non-notification the debtor's creditor about forgiveness (cancellation) of debt according to the procedure determined by this subitem, such creditor shall fulfill all duties of the tax agent concerning the income determined by this subitem";

add the subitem "e" with the offer of the following content: "The discount amount of the regular price (cost) in case of sale (alienation) for benefit of the taxpayer of the residential real estate acquired in property as a result of the address of collection on such property under agreements of mortgage, providing the loan granted in foreign currency is not the additional benefit";

3) in Item 165.1 of Article 165:

add subitem 165.1.55 with the paragraph third the following content:

"the main amount of debt (credit) of the taxpayer on the foreign currency mortgage loan provided with mortgage of the residential real estate forgiven (cancelled) by the creditor according to its independent decision which is not connected with insolvency proceeding before the expiration of limitation period";

state subitem 165.1.59 in the following edition:

"165.1.59. the amounts by which it is reduced debt of physical person by carrying out restructuring of the obligations provided by the credit agreement according to which by the creditor it was provided to the borrower - physical person foreign currency loan (is remitted) if such restructuring is performed according to procedure and on the conditions established by the Section IV "Final and transitional provisions" of the Law of Ukraine "About consumer crediting" or Item 5 of the Section "Final and Transitional Provisions" of the Code of Ukraine on insolvency proceedings";

Paragraph one of Item 172.2 of article 172 after the words "more than one of real estate objects" to add 4) with words "(except transactions on alienation of the residential real estate by banks according to the procedure of the address of collection under the agreements of mortgage providing the loan granted in foreign currency)".

2. This Law becomes effective from the date of, its publication following behind day.

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