Now Ukraine will be able to fight tax evasion more effectively, which will contribute to additional tax revenues, the Ministry of Finance said.
The State Tax Service sent information about the financial accounts of non-residents to the tax authorities of other countries, and also received from them information about the accounts of tax residents of Ukraine. The Ministry of Finance announced this on Friday, October 4.
It is said to be the first international automatic exchange of information on financial accounts under the Common Reporting Standard (CRS) and is an important step towards increasing the transparency of financial transactions and combating tax evasion.
In particular, the subject of exchange is information about financial accounts maintained by financial institutions and owned by residents of partner jurisdictions, namely: the owner’s name, his address, tax residence , tax number, date and place of birth, data about the financial institution, account data .
The automatic exchange of tax information is part of Ukraine’s obligations in the EU integration process and aims to increase tax transparency.
“Thanks to the exchange, Ukraine will be able to more effectively fight tax evasion, which will contribute to additional tax revenues, and therefore the country’s economic stability and development,” the department said.
We remind you that in September the National Bank limited the use of cards abroad. The new rules apply to real estate transactions, as well as to the purchase of watches and jewelry.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.