To the attention financial agents – representatives of the investment business

Press service of the State Tax Service of Ukraine, published 30 June 2023 at 11:20 Chapter: News

Representatives of the State Tax Service of Ukraine took part in a thematic webinar organized by the Ministry of Finance of Ukraine with assistance of the European Union Programme for Support of Public Finance Management in Ukraine (EU4PFM) with representatives of the Ukrainian Investment Business Association.

During the webinar, topical issues of application of the Common CRS reporting standard were considered, taking into account specifics of activities of joint investment institutions – corporate investment funds and divvy investment funds in Ukraine.

Webinar participants, in particular, received information about:

- determination of financial assets according to the CRS Standard;

- reporting on various types of financial accounts;

- procedure for exchanging information regarding investors of joint investment institutes;

- accounting procedure and de-registration of joint investment institutes, which are accountable financial institutions.

Particular emphasis was placed on recommendations for accountable financial institutions, which from July 1, 2023 are required to take measures of due comprehensive verification in order to identify accountable accounts, as well as on issues of compliance and interaction of financial agents with controlling bodies.

State Tax Service will continue to closely cooperate with all subjects of implementation of new requirements, because established cooperation and dialogue with financial agents and professional business associations will contribute to the effective implementation of the CRS Standard requirements.

Implementation of the international exchange of information on financial accounts is one of priorities of the State Tax Service, because equality in taxation, transparency and international cooperation are important components of Ukrainian tax policy and implementation of Common Reporting Standard CRS is a necessary step for further European integration of Ukraine.

Meeting materials:

Presentation "Peculiarities of application of the Common CRS reporting standard for joint investment institutions"