The State Tax Service has transmitted information about the financial accounts of non-residents to tax authorities in other countries and has received data about Ukrainian citizens' accounts abroad. This was reported by the press service of the Ministry of Finance.
This international automatic exchange of information regarding financial accounts marks the first under the Common Reporting Standard (CRS). The ministry noted that this represents an "important step toward enhancing the transparency of financial operations and combating tax evasion."
"The subject of the exchange included information about financial accounts maintained by financial institutions (banks, insurance, and investment companies, etc.) owned by residents of partner jurisdictions, specifically: the owner's name, address, tax residency, tax number, date and place of birth, information about the financial institution, and account details: balance as of the end of the reporting period, total dividends, interest, or other income," the statement added.
The Ministry of Finance emphasized that this move is part of Ukraine's commitments in the process of joining the EU and is aimed at increasing "transparency in the tax sphere."
The Ministry noted that the CRS provides for an annual automatic exchange of information on specified types of financial accounts between countries that have joined the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information.
"Tax authorities receive an annual data set regarding foreign accounts belonging to their tax residents or organizations controlled by such residents. In response, jurisdictions provide similar information to the tax authorities of partner states regarding the accounts of their tax residents. The collection of information about accounts subject to exchange is carried out by financial institutions, which report to the tax authorities of the jurisdictions where they operate," the statement continued.
The agency clarified that the first reporting period lasted from July 1 to December 31, 2023, and the first information exchange was successfully completed on September 30, 2024.
