The State Tax Service as the competent authority of Ukraine has joined the Multilateral Agreement of Competent Authorities on Automatic Exchange of Information on Financial Accounts (Multilateral Agreement CRS).
The first exchange of information is planned for September 2024 for the 2023 calendar year. The agreement on the postponement of the date of the first exchange was reached as a result of consultations with experts of the OECD Global Forum.
The Ministry of Finance reminds that the joining of Ukraine to the international system of automatic exchange of information on financial accounts will contribute to the creation of a more transparent tax environment and increase the image of Ukraine as a reliable and equal partner in international informational tax relations.
In addition, the systematic analysis of information received by the State Tax Service from foreign competent authorities is an important tool for monitoring the timeliness and completeness of the declaration of taxable assets and income, identifying undeclared assets and income, as well as for combating tax evasion by residents of Ukraine .
Accession to the CRS multilateral agreement is a necessary but not sufficient condition for the introduction of automatic information exchange. Such an exchange will be possible only after the adoption by Ukraine of the legislation necessary for the implementation of the CRS General Reporting Standard, the passing of inspections by the OECD Global Forum regarding compliance with the requirements of the relevant standards, ensuring the technical capacity of the State Tax Service to carry out such an exchange of information, and the fulfillment of other conditions specified in Section 7 of the CRS Multilateral Agreement.
With the aim of full and timely implementation of the necessary steps, the Ministry of Finance coordinates and ensures the implementation of all preparatory stages, the message states.
The Ministry of Finance has developed a draft law with amendments to the Tax Code of Ukraine and other laws on the implementation of the international standard of automatic exchange of information on financial accounts, which will be sent to the Cabinet of Ministers for further submission to the Verkhovna Rada. | Forinsurer
