In 2023, the Universal Bank, which is the operating basis of the popular Monobank, evaded about UAH 750 million in taxes. Such conclusions derive from the analysis of the financial indicators of companies that are relevant to the financial product.
After the introduction of 50% of the income tax rate for banks (instead of 20%, as for ordinary companies), the Universal Bank significantly reduced its taxable income by bringing at least UAH 2.5 billion to the related structure - Fintech Bend LLC, which is actually developing and servicing Monobank.
Fintech Bend is a company owned by Oleg Gorokhovsky (ex-developer of Privat24) and Dmitry Dubillet (son of former PrivatBank head). It is she who supplies the services of a bank station wagon - in particular, digital infrastructure, product design and client service.
The conditional "rent" of the brand, maintenance of the application, technology - all this is designed as services that the bank purchases in "Fintech Bend". In this case, the company is not a bank, so its profit is taxed only at the rate of 20%.
With the increase in the rate of 50% for banks, the Universal Bank dramatically increased payments in favor of "Fintech Bend" - from more than UAH 2.5 billion of income, which would otherwise be taken into account in bank profit. As a result:
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instead of UAH 1.25 billion (50% of 2.5 billion), the bank paid only about 0.5 billion;
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Fintech Bend declared a profit at a rate of 20%, and thus saved at least UAH 750 million on taxes.
"This is a classic example of a scheme: a bank's profit, which should be taxed at a high rate, is derived 'to a related company under market or pseudoryne contracts. Formally, everything is legally, but in essence it is bypassing tax legislation," - commented expert in the field of banking law.
Monobank is not a separate bank, but only Fintech product. It is technically serviced by LLC "Fintech Bend", and banking licenses and all regulatory obligations - to the station wagon, which is part of the Tihipka group.
Oleg Gorokhovsky and Dmitry Dubilet are co-founders of Monobank and actively develop it as a brand-with their own Telegram channels, merch and haypium promo.
However, the glitter of marketing is a strict tax reality.
Is it legal?
Formal - yes. But in essence, it is the translation of income between related structures in order to reduce tax burden. In developed jurisdictions, such actions often fall under the control of transfer pricing.
"The question is not only in the legal intricacies, but in ethics: when the country is leading war and every hryvnia is needed to the front, the largest private bank with millions of clients evades the additional 750 million to the budget," one of the analysts said.
Until the tax service comments on the situation. But in the case of political or public resonance, the scheme may be the subject of investigation or legislative clarification.
