Regarding entry into force of the Multilateral Competent Authority Agreement on the Automatic Exchange of Information on Financial Accounts

Press service of the State Tax Service of Ukraine, published 24 September 2024 at 15:24 Chapter: News

State Tax Service of Ukraine informs about entry into force of the Multilateral Competent Authority Agreement on the Automatic Exchange of Information on Financial Accounts (hereinafter – Multilateral Agreement CRS, Agreement) on June 28, 2024.

State Tax Service as a competent authority of Ukraine joined the Multilateral Agreement CRS on August 19, 2022 by signing Declaration of Accession by acting Head of the State Tax Service of Ukraine Tetiana Kiriienko.

According to Paragraph 1 Section 7 of the Agreement, in order to bring the Multilateral Agreement CRS in force, the State Tax Service of Ukraine sent on 27.06.2024 to the Secretariat of Coordinating Body of the Multilateral Agreement CRS (OECD Secretariat) a notification to the Agreement in accordance with list specified in this Paragraph. Secretariat of Coordinating Body confirmed receipt of notifications on 28.06.2024 and, according to provisions of Sub-paragraph 2.3 Paragraph 2 Section 7 of the Agreement, posted Ukraine's notification to the Multilateral Agreement CRS on the secured website of the Organization for Economic Cooperation and Development.

As a part of implementation of domestic procedures aimed at entry into force of the Multilateral Agreement CRS, on August 5, 2024, the State Tax Service received a letter from the Ministry of Foreign Affairs of Ukraine about entry into force of the Multilateral Agreement CRS on June 28, 2024 and inclusion of the Multilateral Agreement CRS in the Unified State Register of Regulatory Acts.

For reference:

The first exchange of information on financial accounts according to the Common Reporting Standard (CRS) with partner countries is planned not later than September 30, 2024 for the second half of 2023 (the first reporting period). In the future, previous calendar year will be considered as a reporting period.

List of jurisdictions with which Ukraine plans to exchange information on accountable financial accounts is available at https://tax.gov.ua/baneryi/crs/perelik-pidzvitnih-yurisdiktsiy.