Financial agents, attention!

Press service of the State Tax Service of Ukraine, published 14 December 2023 at 10:27 Chapter: News

State Tax Service publishes clarifications of the Ministry of Finance of Ukraine on certain issues of compliance by accountable financial institutions with requirements of the Common Reporting Standard (CRS) in order to ensure proper information and clarification campaign on the CRS implementation and in connection with approach of 31.12.2023 – date until which financial agents, as of 30.06.2023 met criteria of accountable financial institutions, are required to be registered in the controlling body by December 31, 2023, according to Paragraph 39³.3 Article 39³ of the Tax Code of Ukraine.  

Clarification is based on provisions of the Tax Code of Ukraine and other legislation implementing the CRS.

In particular, in clarification of the Ministry of Finance, the following questions are highlighted and answered:

- When does accountable financial institution first submit registration application to the controlling body (State Tax Service)?

- How is the acquisition date of accountable financial institution’s status for collective investment institutions established before and after July 1, 2023 determined?

- Does a divvy investment fund have to be registered as accountable financial institution before it is recognized as meeting requirements for the minimum volume of assets?

- Is it necessary to analyze structure of assets and income for three years in order to establish the accountable financial institution’s status in relation to a newly created joint investment institution?

- How is the acquisition date of accountable financial institution’s status for non-state pension funds established before and after July 1, 2023 determined? Who submits registration application of non-state pension fund, which is accountable financial institution?  

- Is it necessary to register joint investment institution / non-state pension fund as accountable financial institution, if decision on termination of the joint investment institution / non-state pension fund is made before July 1, 2023?

- Is organization that is a legal entity subject to registration as accountable financial institution in cases where decision on its termination (liquidation) is made: before July 1, 2023 or in a period from July 1, 2023 to December 31, 2023?

- How is closing date of the last accountable account determined for the joint investment institute / non-state pension fund, in respect of which termination procedure has been initiated?

Find out more about explanation at the link:

https://tax.gov.ua/baneryi/crs/rozyasnennya/listi/78632.html

Text of the Common Reporting Standard in Ukrainian and English, commentary on it, as well as presentation materials and other clarifications are posted on web portal of the State tax Service and official website of the Ministry of Finance.

Introduction of the Common Reporting Standard (CRS) is carried out with support of the European Union Finance Management Support Programme for Ukraine (EU4PFM).