On December 11, 2017, the Ministry of Finance presented the Roadmap for the implementation of international standards of transparency and exchange of information “Tax transparency: EOIR / AEOI CRS” in Ukraine.
The Global Forum, of which Ukraine is a member since 2013, carries out in-depth monitoring and peer review of the implementation of the internationally recognized standards of transparency and exchange of information for tax purposes; namely, the standard of exchange of information on request (the EOIR standard) and the standard of automatic exchange of financial account information (the AEOI standard). As a member, Ukraine has committed to implement these standards.
Tax avoidance and evasion threaten government revenues throughout the world. Globalization generates opportunities for increasing global wealth but also results in increased risks. With the increase in cross- border flows of capital that come with a global financial system, tax administrations around the world face greater challenges to the proper enforcement of their tax laws than ever before. To address these challenges, tax authorities must increasingly rely on international co-operation, enabled through the effective implementation of the international standards of transparency and exchange of information.
"Several tax scandals that have occurred over the past few years have revealed the depth and extent of the problem - large volumes of funds are kept offshore and tax-free. At present, countries in the world have united and developed a global response to tax evasion. Ukraine should continue the implementation of the standards of transparency and exchange of information in the near future. It is for this purpose that we have prepared a clear action plan and we have to implement it", Minister of Finance Oleksandr Danyliuk said.
Tax information exchange is crucial to guarantee that corporate taxpayers and individuals corporate and individual taxpayers do not have reliable repositories to conceal their income and assets.
The next assessment round in Ukraine to be conducted by the OECD is scheduled for the last quarter of 2018. For the first time, the practical implementation of exchange of information will be assessed; also, Ukraine will be evaluated according to the OECD ranking criteria.