International automatic information exchange according to the CRS and CbCR standards is becoming a reality

Software development for international automatic information exchange according to the Common Reporting Standard (CRS) and the Country-by-Country Reporting (CbCR) standard has been completed. Technical capacity is emerging to initiate the first exchanges of information (taking into account provisions of the Tax Code of Ukraine) with tax authorities of each jurisdiction that participates in the CRS and CbCR on an annual basis. And this is more than 100 foreign tax administrations.

Automatic exchange of tax information between Ukraine and other countries of the world according to relevant reporting standards will contribute to increasing level of efficiency of tax control and combating tax evasion.

Initiative was implemented due to the effective cooperation of the State Tax Service with the Ministry of Finance of Ukraine and the EU4PFM project.

Implementation of the CRS and CbCR is also an important achievement for Ukraine as a candidate country for the EU accession in terms of harmonization of national legislation with the EU legislation.