A strange conflict arose after reports of the changes made by the national Bank in the “Manual on opening and closing of the accounts of Bank customers”.
The national Bank proposed to prohibit the use of current accounts of physical persons-entrepreneurs for transactions related to personal needs.
This norm is contained in the draft resolution of the NBU, which amends the “directions for opening and closing the accounts of clients of banks”.
The user manual was intended to Supplement paragraph:
“It is forbidden to use current accounts of physical persons-entrepreneurs who are engaged in independent professional activities for transactions related to personal needs”.
However, after the publication of this proposal in the media, the national Bank hastened to blame them for the fact that the information is untrue – SSMI, they say, it incorrectly interpreted.
The press service of the national Bank issued a statement about it (reproduced in full).
“The national Bank has no plans to impose restrictions on the use of funds from Bank accounts of physical persons-entrepreneurs.
Common in the media information about the alleged plans of the National Bank is an incorrect interpretation of the rules contained in the draft amendments to the Instruction on the procedure of opening and closure of accounts of customers of banks and correspondent accounts of banks – residents and non-residents, which was proposed for public comment.
The existing requirements of the Instructions already assume that the physical persons engaged in entrepreneur/independent professional activity should open separate Bank accounts for entrepreneurial/independent professional activity and for their own needs. Therefore, today the physical person-the entrepreneur can divert funds from a business account only for business purposes.
Accordingly, the norm referenced media, is a technical clarification and does not change essentially for natural persons-entrepreneurs.
Why the need for such clarification?
Tax code of Ukraine requires banks to pass on the message about opening or closing the accounts of a taxpayer – physical person-entrepreneur or a person carrying out independent professional activity, the tax authority, which takes into account a taxpayer. This provision requires the provision of information about all the accounts of taxpayers, such as those that are open for business, and open for their own needs.
The position of the SFS is based on the fact that, in accordance with the norms of the Economic code of Ukraine, an individual entrepreneur is liable for its obligations with all its property which, in accordance with law may be levied to ensure compliance of tax obligations of the payer.
Given the above, the draft for public discussion clarifying the rule clearly separates private funds from those that were received from entrepreneurial activities.
At the same time, this rule does not prohibit a physical person-the entrepreneur after paying all the taxes and fees to transfer funds from a current account, open for business/independent professional activities on the current account of the person for their own needs.
The national Bank also notes that any restrictions on the use of funds on current accounts in national currency of natural persons – residents open to their own needs, is not expected. They can carry out all types of cash transactions in accordance with the terms of the obligation and requirements of legislation of Ukraine, but not related to the entrepreneurial and independent professional activities.
Note that the final version of the amendments to the Instruction be adopted at the public discussion, taking into account proposals and remarks”, – stated in the message of the national Bank.
At this point, however, in the draft resolution there is what caused the discussion of this specification and in the draft proposal.
While commenting on the clarification of users, among which not only the FLP, but economists point out that additional bureaucratic obstacles for private entrepreneurs in the form of this norm only will complicate operations. Some suspected the national Bank of guile: the item the user is not clarifying, but directly prohibitive, the violation of the regulations will entail for the FLP all sorts of trouble, and to interpret it otherwise, as it attempts to present the national Bank, difficult.
Specialized publications, discussing the draft regulations and the subsequent explanation of the national Bank still hoping for clarification: what is another way to interpret the proposed option.
Much remains unclear: how will be monitored the monitored the use of funds, because the ban can touch or withdraw money from an ATM or Bank, which may require FLP documents, based on which the committed cash (for example, supply contract, loan agreement, procurement act, a contract of storage, etc.).
Entrepreneurs await the promised national banks explanations and “correct interpretation” of the norms of the Instruction.