Tax authorities get access to bank accounts of Ukrainians abroad

The State Tax Service has received a report on the maturity of the information security management system in Ukraine and the exchange of information for tax purposes approved by the OECD Global Forum, Ekonomichna Pravda reports.

This was reported by the press service of the Tax Service.

"This means that the State Tax Service will soon have information on the status of bank accounts of Ukrainian residents abroad, as well as a range of financial information about members of international groups of companies in terms of foreign jurisdictions regarding tax payments, income, types of activities, number of employees, and much more," explained Danylo Hetmantsev, chairman of the Verkhovna Rada's tax committee.

It is noted that the assessment took place in several stages, starting in 2019. The final stage took place from December 11 to 14, 2023.

"Particular attention was paid to the processes of information exchange, privacy protection, risk management, logical and physical access control, and approaches to cybersecurity," the Tax Service said.

"The implementation of the CRS Common Reporting Standard and the Country-by-Country Reporting (CbCR) standard is coordinated by the OECD Secretariat.

A mandatory step towards the implementation of automatic exchange of information is the accession of the competent authority to the Common Data Transfer System CTS, which is used by jurisdictions for the secure exchange of information in accordance with the CRS and CbC standards," the State Tax Service added.

As of June 2024, more than 115 jurisdictions are members of the international multilateral automatic exchange of information - Ukraine has committed to start automatic exchange in September 2024.

Oleksiy Pavlysh