From now on, Ukraine will be able to automatically exchange information with tax states that are parties to the MCAA CRS and MCAA CbC international agreements.
The first exchange of information according to the CRS is planned to be carried out in 2024 in the second half of this year. In the future, reporting will take place every year for the previous calendar year.
Joining Ukraine to the system of international automatic exchange of information for tax purposes is a step within the framework of harmonization of tax legislation of Ukraine and the EU.
If, after applying the due diligence procedures, the financial agent (bank) has a well-founded suspicion that the account belongs to the accountable, the financial agent is obliged to send a request to the address of the owner of the account with the requirement to provide explanations and information related to the suspicion. That is, if the bank, for example, suspects that the owner of the account is a legal entity controlled by another legal entity, the bank will demand an explanation. Ignoring the answer to this request or providing information that does not refute suspicions is grounds for closing the account of such a legal entity. The bank must keep the information on the conducted checks for 5 years.