ARTICLE · 03 MAY 2023

Common Reporting Standard Implemented By Ukraine

Michael Kyprianou & Co. LLC

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Michael Kyprianou & Co. LLC

On 20th March 2023 the parliament of Ukraine adopted law № 8131 (the law) «On amendments to the Tax code of Ukraine on implementation of the international standard for automatic exchange...

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Dmytro Perevozchykov

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On 20th March 2023 the parliament of Ukraine adopted law ? 8131 (the law) «On amendments to the Tax code of Ukraine on implementation of the international standard for automatic exchange of information on financial accounts».

The adoption of such law is the next step of Ukraine for implementing the Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council on 15th July 2014.

Under the CRS, the financial organizations of a participating country are obliged to conduct the due diligence of financial accounts and automatically exchange such information with other jurisdictions on an annual basis.

The first automatic exchange in Ukraine is planned for 2024.

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Common Reporting Standard Implemented By Ukraine

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