Beginning in 2020, Ukraine will start automatic exchange of
information on financial accounts under the OECD's Common
Reporting Standard (CRS), the Ministry of Finance's official
website has announced citing Finance Minister Oleksandr Danyliuk.
The first exchange will take place in respect of information
collected as of the end of 2019.
According to CRS standards, financial institutions (such as
banks, custodians, investment entities etc.) are required to
collect information on the financial accounts of customers in order
to determine their tax residence(s) and report to the tax
authorities. The tax authorities may then share this information to
fiscal authorities of jurisdiction(s) where the account holder has
its tax residence (if there are activated exchange relationships
between financial institutions and the account holder's
jurisdictions).
