To the attention of financial agents: Procedure for application of the CRS general reporting standard has entered into force

State Tax Service of Ukraine draws attention of financial institutions that Order No. 282 of the Ministry of Finance as of 26.05.2023 "On approval of Procedure for application of the Common Standard on Reporting and Due Diligence for Financial Account Information" has entered into force.

Specified Procedure establishes procedures and norms necessary for financial institutions to fulfill requirements regarding collection of information on accountable accounts and its proper verification.

In particular:

– Procedure defines list of information that accountable financial institution is obliged to establish and include in the report on accountable accounts for each accountable account it maintains;

– due diligence requirements are established for purpose of identifying accountable accounts and due diligence procedures are described regarding:

- existing accounts of individuals;

- new accounts of individuals;

- existing accounts of organizations;

- new organization accounts;

– special additional rules are established for implementation of procedures, in particular, regarding reliance on self-assessment documents and documentary evidence, as well as regarding aggregation of account balances and currency conversion;

- procedure for performing duties of accountable financial institution is determined, including determination of status of accountable financial institution, application of the due diligence measures to financial accounts, implementation by the financial institution of the due diligence rules of financial accounts to establish their accountability for purposes of the CRS Multilateral Agreement, etc.

Familiarize yourself with Procedure by following the link. 

(hyperlink to https://zakon.rada.gov.ua/laws/show/z1090-23#Text)