Ukraine Has Joined the Multilateral Agreement on Automatic Exchange of Information on Financial Accounts

On August 19, Ukraine joined the Multilateral Competent Authority Agreement on Automatic Exchange of Information on Financial Accounts (CRS), which will allow state authorities to receive information on foreign accounts of residents. The first exchange of tax information in the mode of the CRS General Reporting Standard between Ukraine and over 100 countries of the world is planned for September 2024.

Thus, Ukraine joins the application of the CRS General Reporting Standard, approved by the Council of the Organization for Economic Cooperation and Development (OECD) in 2014. The implementation of the CRS General Reporting Standard is one of Ukraine’s international obligations as a member of the OECD Global Forum on Transparency and Information Exchange for Tax Purposes and provides for the establishment for the State Tax Service as the competent authority of Ukraine of the obligation to collect information from financial institutions about financial accounts, owners and/or controlling persons of the owners of such accounts who are tax residents of other exchange partner jurisdictions, and to exchange the specified information annually on an automatic basis with the exchange partner jurisdictions under the CRS Multilateral Agreement.

For a more detailed implementation of this step, the Ministry of Finance developed the Draft Law “On Amendments to the Tax Code of Ukraine and Certain Legislative Acts of Ukraine on the Implementation of the International Standard of Automatic Exchange of Information Oon Financial Accounts”, which, after the completion of all coordination procedures, will be sent to the Cabinet of Ministers for further submission to the Verkhovna Rada.

Sources:

Main provisions of the CRS General Reporting Standard

Full text of the CRS General Reporting Standard