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Blog 19 March 2021

Risks of Cooperation with Tax Evaders

Risks of Cooperation with Tax Evaders

Debts to the Tax Service are one of the risk factors according to the National Bank of Ukraine (NBU). The Express Analysis from YouControl draws your attention to this factor while checking a counterparty and works out if a company has a tax debt for the last available period. We are explaining what this means and why you need to be especially careful while working with such a counterparty.


A tax debt is the amount of monetary obligation not paid by a taxpayer in a timely manner. The NBU attributes this fact to the negative signs from the point of view of financial monitoring and obliges to regularly check such data of counterparties.


Relevant: Learn what to pay attention to while checking a potential business partner. Register for the workshop: "Tax Nuances: How to Protect Yourself from Liability for the Actions of a Counterparty".


Why Is It a Risk Factor?


The tax authorities respond to the emergence of a tax debt in one of two or in two ways:

• seize the property of the taxpayer-debtor;

• terminate account transactions.


That is why the presence of a tax debt may be the reason for getting on the list of risky taxpayers. And this is a direct way to the blockage of tax invoices. If this is your counterparty with whom you have an active transaction, you risk suffering financial or time losses.


One way or another, a tax debt indicates problems with the counterparty’s solvency. You can make a conclusion about the financial viability of a potential business partner.


How to Learn about a Tax Debt of a Company


Data on debts are shown in the profile of a counterparty primarily in the Express Analysis.



To start checking, enter a company name or its identification code (according to the Unified State Register of Enterprises and Organisations of Ukraine) in the search line on the main page.


When the profile of the company appears on the screen, the results of the Express Analysis will be at the beginning – in the form of a list of risk factors and three tabs. And more detailed data will be in the tab "Taxes", in particular, the size and history of a debt.


The process of checking counterparties becomes quick and easy, even if you have never done business intelligence before. The system aggregates data from more than 100 reliable sources, including information from the State Fiscal Service of Ukraine on the presence and amount of a tax debt.


This is just one article from a series of articles about risk factors. Other articles are as follows:

1. What if Your Counterparty Does Not Have a Licence

2. Checking of the Director before Concluding an Agreement with a Company

3. How and Why to Check the Powers of the Director

4. Risky Types of Activity

5. What Do Frequent Changes in the Documents of a Company Indicate

6. Risks of Cooperation with Tax Evaders – you are here.

7. Why Is the Reputation of a Counterparty Important

8. A Counterparty in a Country with a High Level of Corruption – soon.


Start checking now!




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