Allegations have appeared online about possible tax evasion in the amount of about 750 million hryvnias related to the activities of Monobank and its partner bank Universal Bank. These are the conclusions of blogger Volodymyr Bondarenko.
The author refers to the analysis of the financial indicators of Fintech Bend and Universal Bank for the period 2020–2024. According to the author, after the increase in the tax rate on bank profits to 50% in 2023, Universal Bank allegedly transferred approximately UAH 2.5 billion of income in the form of service payments to Fintech Bend, which reduced the bank's taxable base and led to a decrease in tax payments. Thus, as the material claims, the difference in tax payments could amount to about UAH 750 million.
In the publication, the author also reminds about the ownership structure and operating model: the Monobank trademark is associated with the IT company "Fintech Bend", while the banking license and operating base belong to "Universal Bank". According to information from open sources, the mentioned business figures are associated with the contribution to the creation and development of mobile banking, but it is the format of the relationship between the bank and the IT company that is now in the spotlight due to the scale of the amounts that appear in the reports.
