The volume of transfers from migrant workers is at least twice the amount of foreign direct investments in Ukraine. Private transfers are the main source of replenishing reserves and improving the balance of payments. These resources are important and deserve every possible support.
As for the initiative of the Minister of Social Policy, the process of money transfer is not easy to control. Moreover, such control will have an extremely negative effect.
As one may remember, several years ago the government tried to enforce conversion of individuals’ currency receipts from abroad. This provision was cancelled shortly thereafter, as it had very bad economic and social "taste".
The source of budget revenues should be sought in improving tax administration, in monitoring and accounting of resources by fiscal agencies, rather than increasing tax pressure on households.
Source:
