Icon
Come back

2 min

27 Jun. 2024

16251

The tax authorities will have access to bank accounts of Ukrainians abroad: what does it mean?

Finance
Popular
Ukraine
The tax authorities will have access to bank accounts of Ukrainians abroad: what does it mean?

Ukraine has successfully implemented the CRS Common Reporting Standard, which means that the Ukrainian tax service will have access to bank accounts of Ukrainian citizens abroad. Find out what will change and how it will affect financial transparency and tax compliance

Legal assistance for Ukrainians in Ukraine and abroad
Legal assistance for Ukrainians in Ukraine and abroad
GET


The State Tax Service of Ukraine (STS) has received the OECD Global Forum's Report on the Maturity of the Information Security Management System in Ukraine and the Exchange of Information for Tax Purposes. According to the STS press service, this opens up new opportunities to control financial flows of Ukrainians abroad.

Implementation of European standards and system maturity assessment


The process of assessing the maturity of the information security management system in Ukraine has been underway since 2019 and included several stages, the final of which ended in December 2023. Particular attention was paid to information exchange, privacy protection, risk management, logical and physical access control, and cybersecurity approaches.

The implementation of the CRS Common Reporting Standard and the Country-by-Country Reporting (CbCR) standard is coordinated by the OECD Secretariat. To ensure the automatic exchange of information, the STS has joined the Common Data Transfer System (CTS), which is used to securely exchange information in accordance with international standards.

As of June 2024, more than 115 jurisdictions are members of the international multilateral automatic exchange of information. Ukraine has committed to start automatic exchange in September 2024. Such an exchange will allow the Ukrainian tax service to receive data on bank accounts of Ukrainian residents abroad and other financial information related to international groups of companies.




Visit Ukraine on social media: Telegram | YouTube | Instagram | Facebook | Twitter | TikTok




What does this mean for Ukrainians?


As explained by Danylo Hetmantsev, MP and Chairman of the Verkhovna Rada Committee on Finance, Taxation and Customs Policy, the State Tax Service will soon have access to information on the status of bank accounts of Ukrainian residents abroad. This includes data on tax payments, income, activities and number of employees of international groups of companies. This step will facilitate more effective control over tax compliance and ensure transparency of financial transactions of Ukrainians abroad.

We remind you! According to the Tax Code, Ukrainians who are located and have income abroad but have permanent residence in Ukraine are residents of Ukraine. This means that they must file a tax return. Read how to do this, who is obliged to pay taxes twice, and what fees will have to be paid in any case in this article.

Photo: Freepik


Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.






Ihor Usyk is the Head of Legal Department at Visit Ukraine


On the Visit Ukraine portal, you can get legal advice on migration law. Our lawyers will answer all your questions and, if necessary, help you collect, submit and receive the documents you need. You can order a specialist consultation or full legal support by following this link.



Our recommendation for a safe and comfortable trip: 


Visit Ukraine Insurance - insurance for a safe stay abroad without unnecessary expenses;

Green Card - compulsory car insurance for traveling abroad;

Visit Ukraine Tickets - book tickets for buses, trains, and airplanes to/from Ukraine and between cities around the world;

Private Lawyer service - professional legal support on visa and migration issues;

Visit Ukraine Merch - buy patriotic clothing and accessories with worldwide delivery.




© 2018-2024, Visit Ukraine. Use, copying or reprinting of materials on this site is permitted only with a link (hyperlink for online publications) to Visit Ukraine.

All rights reserved.

Recommended articles

2 min

Cost of living Luxury tax 2024: who has to pay from July 1 and how much?

Luxury tax 2024: who has to pay from July 1 and how much?

Owners of real estate with "excessive square meters" and expensive cars have to pay the so-called luxury tax. Find out who exactly has to pay this tax, what rates apply in 2024, and who can get an exemption

25 Jun. 2024

More details

2 min

Education The Ministry of Education changes the rules of admission to graduate school: now contract graduate students will not have a deferment

The Ministry of Education changes the rules of admission to graduate school: now contract graduate students will not have a deferment

The new rules for applying to postgraduate programs in Ukraine will significantly affect the number of deferrals for men. Find out how the requirements have changed and what it means for applicants in 2024

25 Jun. 2024

More details

3 min

Work Legal support of employment abroad for Ukrainians: comprehensive services from professionals

Legal support of employment abroad for Ukrainians: comprehensive services from professionals

Are you looking for a job abroad? Our lawyers will help you at every stage of employment, providing full legal support and assistance. Find out how we can facilitate your path to a successful career in another country

27 Jun. 2024

More details

2 min

For refugees Important changes for Ukrainians in Poland: what laws will come into force on July 1?

Important changes for Ukrainians in Poland: what laws will come into force on July 1?

Polish President Andrzej Duda has signed amendments to the law on assistance to Ukrainian refugees. The new regulations will come into force on July 1, 2024. Find out more about how the changes will affect refugees from Ukraine in Poland

27 Jun. 2024

More details