State Tax Service continues active explanatory work with business in the context of implementation of the Common Reporting Standard in Ukraine

State Tax Service of Ukraine has launched active campaign to register Accountable Financial Institutions in connection with entry into force of Order of the Ministry of Finance № 468 as of 30.08.2023 "On approval of Procedure for registering and deregistering financial agents who are accountable financial institutions for purposes of the multilateral agreement of competent authorities on the automatic exchange of information on financial accounts, common reporting standard and due verification of information on financial accounts") (hereinafter – Registration procedure).

Taking into account a big number of questions from financial institutions of Ukraine related to the new registration procedure in the controlling body, the State Tax Service together with the Ministry of Finance of Ukraine and with support of the EU4PFM Programme held explanatory online webinar for members of the Ukrainian Investment Business Association on the topic: "Registration peculiarities of the Asset Management Company, Joint Investment Institute and Non-State Pension Fund, which are accountable financial institutions for purposes of the Common Reporting Standard (CRS)".

Practical aspects of application of the Registration procedure were discussed, in particular, filling out and submitting Registration application of the Accountable Financial Institution (J1308701) to the State Tax Service.

Introduction of international information exchange according to the Common Reporting Standard (CRS) is one of priorities of the State Tax Service for implementation of which full support of the Global Forum on Transparency and Information Exchange for Tax Purposes and the EU4PFM project is involved.

International cooperation, in particular, implementation of the Common Reporting Standard (CRS) is important step for further Ukraine’s European integration.