Ukraine ratifies the FATCA

On September 6^th, 2019, the Cabinet of Ministers of Ukraine approved a bill ratifying the FATCA (Foreign Account Tax Compliance Act) agreement between Ukraine and the United States.

An agreement on the application of the provisions of the FATCA between Ukraine and the United States was signed on February 7^th, 2017.

To regulate the implementation of FATCA requirements, amendments were made to the Tax Code of Ukraine, laws “On Banks and Banking Activities”, “On Depository Activities of Ukraine”. The changes made will allow the country to exchange financial information not only within the framework of the FATCA, but also other international treaties as part of the automatic exchange of information in accordance with the CRS standard.

Under the agreement, the exchange of information so far will be carried out only by the Ukrainian side. In the future, Ukraine will be able to hold consultations with the United States of America for the implementation of bilateral exchange.

On materials of the following website: https://mof.gov.ua/uk/news/ratifikatsiia_fatca_ostannie_slovo_za_parlamentom-1777