State Tax Service successfully implemented the first international automatic exchange of information according to the CRS Standard

Press service of the State Tax Service of Ukraine, published 04 October 2024 at 14:44 Chapter: News

State Tax Service of Ukraine, as a competent authority of Ukraine, joined the Multilateral Competent Authority Agreement on the Automatic Exchange of Information on Financial Accounts (hereinafter – Multilateral agreement CRS) on August 19, 2022.

After positive level evaluation of information security of the State Tax Service conducted by the OECD Global Forum, the Multilateral agreement CRS entered into force for Ukraine on June 28, 2024.

According to provisions of the Multilateral agreement CRS, information exchange is carried out within nine months after end of the calendar year to which information relates (until September 30).  

As of September 30, 2024, the State Tax Service, as a competent authority of Ukraine for the CRS purposes, successfully carried out the first mutual international automatic exchange of the CRS information with countries – exchange Partners, which testifies to the proper implementation of the CRS into Ukrainian legislation and recognition of Ukraine as an appropriate partner for information exchange on the international stage.

According to results of the information exchange CRS, the State Tax Service provided:

- receiving information from more than 50 foreign jurisdictions;

- sending information to more than 30 foreign jurisdictions.

Introduction of the CRS into Ukrainian legislation and implementation of the first international automatic exchange of the CRS information took place with support of the European Union Public Finance Management Support Programme for Ukraine (EU4PFM).