Financial agents, attention!

Press service of the State Tax Service of Ukraine, published 29 December 2023 at 15:41 Chapter: News

In connection with issuance of clarification by the Ministry of Finance of Ukraine № 44010-09-10/33863 as of 06.12.2023 "Regarding certain matters of compliance by financial agents with requirements of the Common Reporting Standard (CRS)", the State Tax Service informs financial agents about the update of Newsletter № 5/2023 "Practical matters of interpretation of certain terms of the Common Reporting Standard (CRS)".

Newsletter contains updated clarification and provided examples of calculation of the organization's fulfillment of criteria for its recognition as "Investment Company", namely how to calculate share of revenues closely related to activities of the Investment Company in the total gross amount of revenues.

Newsletter № 5/2023 (with changes) clarifies the following matters:

- legal basis for implementation of the Common Reporting Standard;

- permissible deviations from the standard text during its implementation in Ukrainian legislation;

- determination of range of organizations that are accountable financial institutions and to which requirements of Article 39-3 of the Tax Code of Ukraine apply;

- unaccountable financial institutions;

- financial accounts;

- excluded accounts etc.

Read the Newsletter here.