Ukraine Intends to Start the Automatic Exchange of Financial Account Information in 2023

According to the announcement of the Global Forum on Transparency and Exchange of Information for Tax Purposes of the Organization for Economic Cooperation and Development on August 30, 2021, Ukraine has officially announced its intention to introduce the international standard of automatic exchange of financial account information for tax purposes in 2023.

This powerful new tool, already in use in more than 100 jurisdictions, will help Ukraine generate additional tax revenue by detecting tax evasion and help improve tax compliance.

"I am pleased to welcome Ukraine's expression of intent to join the CRS. The Global Forum will monitor the country's progress in meeting its commitments (implementation of the first information exchanges) in September 2023. Our Secretariat will continue to assist Ukraine in the implementation of the standard and in addressing any issues that may arise,"- said the chair of the Global Forum Maria Jose Garde.

According to the OECD, in 2019, 100 tax administrations exchanged information on 84 million financial accounts with assets worth about EUR 10 trillion. Every year, the international network of automatic exchange expands - in 2020, 105 countries exchanged, and in 2021, 4 more countries will make their first exchange. Ukraine plans to carry out the first information exchanges in September 2023 for the reporting year 2022.