Financial agents, attention!

Press service of the State Tax Service of Ukraine, published 02 November 2023 at 15:31 Chapter: News

State Tax Service of Ukraine draws attention to the fact that, in connection with entry into force of Order of the Ministry of Finance № 468 as of 30.08.2023 "On approval of Procedure for registration and deregistration of financial agents who are accountable financial institutions for purposes of the multilateral agreement of competent authorities on automatic exchange of information on financial accounts and common reporting standard and due verification of information on financial accounts" (with changes made by Order of the Ministry of Finance № 505) (hereinafter – Registration procedure), campaign for registration of Accountable Financial Institutions continues.

Reminder! All financial institutions that are accountable financial institutions for purposes of the CRS Multilateral Agreement and the CRS Common Reporting Standard are subject to registration in the State Tax Service of Ukraine.

Registration procedure establishes:

− registration procedures of accountable financial institutions, their deregistration and making changes to information about accountable financial institutions;

− forms of relevant applications and procedure for filling them out;

− registration peculiarities of joint investment institutes and other organizations for which reporting on accountable accounts is submitted by other persons.

Deadlines for submitting registration application

Organizations that had status of accountable financial institutions as of 30.06.2023 must be registered in the State Tax Service by 31.12.2023.

If organization did not have status of accountable financial institution as of 30.06.2023 or was created (registered) starting from 01.07.2023 or later, it submits registration application to the State Tax Service as accountable financial institution within 60 calendar days after establishing its status of accountable financial institution. Reminder! Date of establishment of status of accountable financial institution, from which deadline for submitting registration application to the State Tax Service is calculated, is determined in Section XI of the Application procedure of the CRS Common Reporting Standard, approved by Order of the Ministry of Finance № 282 as of 26.05.2023. 

How to submit application

Registration of accountable financial institutions is carried out by submitting application in the electronic form through the taxpayer's Electronic cabinet or other electronic communication means.

Accountable financial institutions that will report on accountable accounts on their own only (eg banks, insurers, non-state pension funds, credit unions, etc.) are registered once.

If accountable financial institution is a joint investment institution, then the asset management company that manages assets of the respective joint investment institution submits report for such accountable financial institution. Asset management company is registered as accountable financial institution for itself and additionally for each collective investment institution – accountable financial institution.

List of accountable financial institutions

Information on all registered accountable financial institutions is entered in the List of accountable financial institutions, which is maintained by the State Tax Service. Registration data on accountable financial institutions will be published on web portal of the State Tax Service. Accountable financial institutions that maintain financial accounts will be able to rely on information from the List of accountable financial institutions to determine status of the account holder applying due diligence measures. Reminder! If the account holder is another accountable financial institution, then such account cannot be accountable, and therefore is not subject to proper comprehensive verification and reporting.

Clarifications on the CRS matters

In order to ensure proper information and clarification campaign on implementation of the CRS Common Reporting Standard, the Ministry of Finance together with the State Tax Service provided clarifications on practical matters of interpretation of certain terms of the CRS Common Reporting Standard, which includes interpretation of the term "Financial institution": (https://tax.gov.ua/data/material/000/579/695725/InfoList5_2023.pdf).

Commentary text to the CRS Common Reporting Standard in Ukrainian and English, as well as other clarifications, is posted on the official website of the Ministry of Finance and web portal of the State Tax Service.   

Implementation of the international standard of automatic exchange of information on financial accounts into Ukrainian legislation and practice is carried out with support of the EU Project "Public Finance Management Support Programme for Ukraine” (EU4PFM).