Automatic exchange of information among tax authorities to be commenced in 2020
Minister of Finance Oleksandr Danyliuk met with representatives of the Organization for Economic Cooperation and Development (OECD) to discuss the implementation progress of the BEPS Action Plan (Base Erosion and Profit Shifting) and Ukraine’s participation in the automatic exchange of financial account information (the AEOI Standard).
This on-site visit launched the first joint induction programme for the implementation of the international standards on exchange of information and of the BEPS measures. The program will assist Ukraine to implement new international tax standards with a focus on Country-by-Country Reporting and the other BEPS minimum standards, and the standards for exchange of information on request and for the automatic exchange of financial account information (the “Common Reporting Standard”).
Also, starting from 2020, automatic exchange of information on financial accounts of non-residents under the CRS will be launched. The CRS was developed by the OECD and endorsed by the G20. The first exchanges of information will take place in relation to the information collected in 2019. “This timetable is fairly realistic. We are well aware that prior to that we have to amend the legislation accordingly and ensure high standards of confidentiality and protection of the received data”, Mr. Danyliuk said. Thus, Ukraine will join more than 100 countries which are introducing this new standard for information exchange which helps to combat tax evasion.