fbpx
Size of letters 1x
Site color
Image
Additionally
Line height
Letter spacing
Font
Embedded items (videos, maps, etc.)
 

Ukraine has become a member of the Multilateral competent authority agreement on the automatic exchange of financial account information (CRS)

07/ 09/ 2022
  Author: Tetiana Fedorenko, Associate, Attorney at law GOLAW The State Tax Service of Ukraine has joined the Multilateral competent authority agreement on the automatic exchange of financial account information (“Agreement”), as announced on its official website. Joining the Agreement is carried out to implement into national legislation the rules of the Common Standard on Reporting and Due Diligence for Financial Account Information (“CRS”). We remind that CRS involves the annual automatic exchange of information for tax purposes between member states of the Agreement. The exchange provides for that financial institutions collect information about economic activity on accounts of individuals, companies, and other corporate entities, after which they transfer it to the tax authorities of their country. These tax authorities forward the received information to the country of tax residence of the owner of such an account or its controlling person. The automatic exchange of information between the State Tax Service of Ukraine and the member states competent authorities will be possible if additional legislation that regulates the exchange is adopted, including the procedure of interaction between financial institutions and the tax authority, submission of reports, inspections, etc. In order to implement CRS standards, the Ministry of Finance of Ukraine has developed a draft law “On Amendments to the Tax Code of Ukraine and some legislative acts of Ukraine regarding the implementation of the international standard on automatic exchange of information on financial accounts” which was published on its official website on August 25, 2022. Currently the Ministry of Finance of Ukraine is accepting comments and proposals regarding the draft law content.

Author: Tetiana Fedorenko, Associate, Attorney at law GOLAW

The State Tax Service of Ukraine has joined the Multilateral competent authority agreement on the automatic exchange of financial account information (“Agreement”), as announced on its official website.

Joining the Agreement is carried out to implement into national legislation the rules of the Common Standard on Reporting and Due Diligence for Financial Account Information (“CRS”).

We remind that CRS involves the annual automatic exchange of information for tax purposes between member states of the Agreement. The exchange provides for that financial institutions collect information about economic activity on accounts of individuals, companies, and other corporate entities, after which they transfer it to the tax authorities of their country. These tax authorities forward the received information to the country of tax residence of the owner of such an account or its controlling person.

The automatic exchange of information between the State Tax Service of Ukraine and the member states’ competent authorities will be possible if additional legislation that regulates the exchange is adopted, including the procedure of interaction between financial institutions and the tax authority, submission of reports, inspections, etc.

In order to implement CRS standards, the Ministry of Finance of Ukraine has developed a draft law “On Amendments to the Tax Code of Ukraine and some legislative acts of Ukraine regarding the implementation of the international standard on automatic exchange of information on financial accounts” which was published on its official website on August 25, 2022.

Currently the Ministry of Finance of Ukraine is accepting comments and proposals regarding the draft law content.

This material is provided by a member company or partner organization of the European Business Association as part of an informational collaboration. The Association is not responsible for the accuracy, completeness, or reliability of the information presented. The views, opinions, and recommendations expressed in this material are solely those of the authors and do not reflect the official position of the European Business Association.

If you have found a spelling error, please, notify us by selecting that text and pressing Ctrl+Enter.

Start
in the Telegram bot
Read articles. Share in social networks
Nationwide Minute of Silence
01:00
09:00
Nationwide Minute of Silence
Let us honor the memory of all those who lost their lives in russia’s war against Ukraine
00:43

Spelling error report

The following text will be sent to our editors: