Ukraine restores financial reporting of political parties: what will change

The Ukrainian parliament, the Verkhovna Rada, has adopted in its entirety draft law No. 9419-1, which provides for the restoration of mandatory financial reporting by political parties. This important initiative is aimed at ensuring greater transparency and openness in the financial activities of political forces in Ukraine. Let's take a look at the main aspects of this draft law and its possible consequences.

One of the key provisions of this draft law is the reintroduction of reports on property, income, expenses and financial liabilities for parliamentary parties. This will contribute to greater transparency in the financial activities of political forces and allow the public to better understand where the funds to support political parties come from.

The draft law also sets a deadline for verification of the reports of the National Agency for the Prevention of Corruption (NAPC). This will help ensure greater efficiency in the process of verification of financial statements and allow parties to make necessary adjustments promptly.

The draft law gives political parties the right of discretion to refuse to make a monetary contribution before the day of submission of the financial report. This is an important element of regulation of financial relations between parties and their sponsors.

The draft law also provides for a special mechanism for the period of non-submission of financial reports during the Covid-19 pandemic and the introduction of martial law. This will allow parties to adapt more flexibly to unforeseen circumstances.

One of the significant aspects of this draft law is to change the procedure for calculating the annual amount of state funding for the statutory activities of political parties. Now this amount will depend on the subsistence minimum for able-bodied persons, which will contribute to more efficient use of funds from the state budget.

The adopted draft law opens a new stage in the development of financial relations between political parties and society. It strengthens the transparency and accountability of parties to the public and helps to ensure compliance with the norms and standards of financial activities. This is an important step towards a stable and democratic political system in Ukraine.