Financial Analyst About Monitoring Money Transfers To Accounts Of Belarusians

There is good news and bad news.

The tax office may have questions regarding some money transfers using cards from one individual to another. This threatens not only questions from the trustees but also some problems. A financial analyst gives the details.

“Who monitors the receipts on your account? Surely, you have been in a situation where you were asked or you asked someone to transfer money from card to card. Whether it is payment for goods, work, services, or just a gift. Did not you? I think you did. Let’s figure out how dangerous this is and whether the tax office monitors such transfers,” notes Liudmila Yatskevich, who specializes in consulting on taxes, benefits and accounting practice, in a TikTok video.

The specialist noted that she has both good news and not-so-good news on this topic.

“The good thing is that the tax office does not track every transfer and does not have access to information on bank accounts of individuals,” Liudmila Yatskevich said. “However, there is bad news: the tax office has the right to request information from the bank to carry out a cameral audit of the compliance of income and expenses of individuals and identify suspicious payments when analyzing the data.

Liudmila Yatskevich explained which payments will definitely raise questions from the tax office.

“Of course, regular receipts in a fixed amount, as well as regular receipts from the same individuals and massive frequent transfers from individuals, individual entrepreneurs and companies. Such transfers are most often regarded as hidden income from work and business activities. And it is very difficult to dissuade them of this."