Ukraine’s Tax Service begins accepting reports on US reportable accounts

Source : 112 Ukraine

The agency has already received 91 report packages, 59 of which were sent to the United States
17:22, 19 August 2021

Open source

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.

Related: MP of Ukraine evades taxes for over 3.5 mln USD

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.

Related: Ukraine to reduce taxes for gambling business

Earlier, Verkhovna Rada of Ukraine has passed the document about ratification of the agreement with the U.S. on the FATCA de-offshorization.

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