The tax service will get access to information about bank accounts of Ukrainians abroad
Thanks to changes in legislation within the framework of European integration, Ukraine gained access to international financial databases. Among other things, this will allow the State Tax Service to check the status of bank accounts and receipts of citizens and residents of Ukraine abroad.
The Organization for Economic Cooperation and Development confirmed the successful completion of the DPS assessment by the Global Forum on Transparency and Exchange of Information for Tax Purposes, recognizing Ukraine as a reliable partner for the start of automatic data exchange. This means that at the technical and legislative level, our country is ready to connect to CRS/CbC systems. It took Ukraine four years to pass the assessment and gain access to the databases.
The chairman of the parliamentary committee on finance, tax and customs policy Danylo Hetmantsev informed about the innovation.
“In the near future, the State Tax Service will have information on the status of bank accounts of residents of Ukraine abroad, as well as a range of financial information on members of international groups of companies in terms of foreign jurisdictions regarding tax payments, income volumes, types of activities, number of employees and much more”, – noted Hetmantsev.
And although, from the point of view of the state’s financial system, this is a positive change, some Ukrainians will not be happy about the innovation, because someone will have to pay taxes both abroad and in Ukraine.
It is worth noting that by the end of June, the active work of the government to raise taxes will begin. In particular, it is about the military levy and value added tax. Currently, such a step is necessary to ensure the implementation of the budget for this year, Hetmantsev says.
Although receipts to the state treasury in January-May exceeded expectations, the expenses during this year were much higher than expected, because due to the delay in financial assistance from international partners, it was necessary to increase defense expenditures.
