State Tax Service carried out the first mutual international automatic exchange of the CRS information with exchange partner countries

Press service of the State Tax Service of Ukraine, published 20 November 2024 at 15:18 Chapter: News

In September 2024, the State Tax Service of Ukraine, as a competent authority of Ukraine for the CRS purposes, successfully carried out the first mutual international automatic exchange of the CRS information with exchange partner countries, which confirms proper implementation of the CRS into Ukrainian legislation and recognition of Ukraine as a proper partner for information exchange in the international arena.

As of November 19, 2024, based on results of the first CRS information exchange, the State Tax Service provided:

- receiving information from about 50 foreign jurisdictions;

- sending information to 51 foreign jurisdictions.

Taking into account different regulatory and legal regulations regarding the CRS issues in force in different jurisdictions of the world that are parties to the CRS Multilateral Agreement, the State Tax Service is expected to receive information regarding foreign financial accounts of tax residents of Ukraine from the full list of possible Partner countries in September 2025.

Currently, the State Tax Service is processing and analyzing information received regarding amounts of balances on financial accounts, amounts of credits (receipts) to accounts made during 2023, and comparing information received with data from the tax declarations of the identified persons.