Ukraine is planning to commence with an automatic exchange of information on financial accounts of non-residents under the international Common Reporting Standard as early as 2020, according to statements of the press service of the Cabinet of Ministers of Ukraine following the meeting of Finance Minister Alexander Danilyuk with OECD representatives on September 27, 2017.
The first exchange of tax information – estimated to be realistically implementable by Ukraine’s Finance Minister - will relate to data from 2019. The Minister also noted that Ukraine needs to implement a number of legislation amendments in order to ensure high standards of safety and confidentiality of the data to be exchanged.
The visit of OECD representatives marked the start of the first joint program aimed at implementing international standards for the exchange of information and BEPS activities in Ukraine. The program will help the country implement new international tax standards, as well as other minimum BEPS standards.
By implementing an automatic exchange of information, Ukraine joins a list of over 100 other countries all over the world determined to combat tax evasion.
In addition, Mr. Danilyuk announced the aim of Ukraine to join MLI - a multilateral agreement aimed at unifying the provisions of existing agreements on avoidance of double taxation - until the end of 2017.
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