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

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.

Tetiana Fedorenko

Tetiana Fedorenko

Associate, attorney at law

Practices | Sectors

1543

Related insights

What are the changes in terms of applying to the court in labour disputes?

20 March 2023 Publication

What are the changes in terms of applying to the court in labour disputes?

Read
International sanctions against russia due to the invasion of Ukraine

06 March 2023 Publication

International sanctions against russia due to the invasion of Ukraine

Read
The protection of LLCs from raider attacks and obligations of JSCs and LLCs to update their charters: the requirements of the new law have entered into force

02 March 2023 Publication

The protection of LLCs from raider attacks and obligations of JSCs and LLCs to u...

Read
View all

We use cookies to improve performance of our website and your user experience.
Cookies policy Cookies settings

Please read the provisions of the privacy policy and the processing of personal data carefully Cookies policy.

I consent to the processing of personal data in accordance with the privacy policy and the processing of personal data

I want to receive a mailing

We use cookies to improve performance of our website and your user experience. Cookies policy Hide settings