Verkhovna Rada of Ukraine adopted draft Laws within the framework of treaty between the government of Ukraine and the USA

Verkhovna Rada of Ukraine approved the draft Law №2102 and №2103 that amend the legislation on ratification of Treaty between the Government of Ukraine and Government of the United States of America to improve the tax compliance and to enforce provisions of the “Foreign Account Tax Compliance Act” (FATCA).

In particular, changes are related to the features of reporting to the corresponding accounts; collection and receipt of the tax information by the supervisory authorities from financial agents; imposition of a fine for failure to file reporting or for filing of inaccurate information or mistakes about the accounts by financial agents.

Following the signing of these draft Laws by the President of Ukraine, the US Tax Service will be able to obtain data regarding the US taxpayers from the STS automatically in cases and to the extent specified by the FATCA and other ratified international treaties.