The State Tax Service of Ukraine has begun accepting reports from financial agents on identified accounts reportable to the United States, as the press service of the Ministry of Economic Development and Trade of Ukraine wrote.
"To date, financial agents have submitted to the tax service 91 packages of account reports, the ultimate beneficial owners of which are US residents. 59 reports have already been sent to the US Internal Revenue Service," press service states.
Thus, the FATCA agreement between the Ukrainian and American governments is aimed at the prevention of tax evasion by American citizens working in other countries. For the Ukrainian side, this is a step to de-shadow the economy.
It is noted that the Cabinet of Ministers of Ukraine at its meeting decided to establish an Interdepartmental Working Group on the de-shadowing of the economy and the development of fair competition. The group was headed by the Minister of Economic Development and Trade Oleksiy Liubchenko.
As it was reported earlier, at the end of October 2019, the Verkhovna Rada ratified the agreement with the United States about disclosure of the information about the accounts of Americans in Ukraine FATCA.
Earlier, Verkhovna Rada of Ukraine has passed the document about ratification of the agreement with the U.S. on the FATCA de-offshorization.