On the eve of the date of 1 July 2023, when the requirements of the Common Standard on Reporting and Due Diligence for Financial Account Information (CRS) will be introduced in Ukraine, the Ministry of Finance continues to actively prepare and engage in dialogue with businesses for the effective implementation of this international standard in Ukraine.

The Ministry of Finance and the State Tax Service of Ukraine, with the support of the European Union's Public Finance Management Support Programme for Ukraine (EU4PFM), held thematic webinars with professional associations - the Ukrainian National Credit Union Association and the Professional Association of Capital Markets and Derivatives.

The discussion focused on the practical aspects of applying the CRS Common Reporting Standard by credit unions, depository institutions, investment firms and other financial institutions.

The main emphasis was placed on recommendations for reporting financial institutions, which, starting from 1 July 2023, are required to take due diligence measures to identify reporting accounts, as well as on compliance issues and interaction between financial agents and regulatory authorities.

Participants of the webinars received information on the algorithm for determining the accountability of an organisation and considered practical issues of interpreting certain terms of the CRS Common Reporting Standard.

The introduction of the international exchange of information in accordance with the CRS is one of the priorities of the Ministry of Finance in the tax area, which is supported by the Global Forum on Transparency and Exchange of Information for Tax Purposes (OECD Global Forum) and the EU4PFM project. 

As a reminder, a workshop will be held on 20-21 June, where international experts of the OECD Global Forum will highlight important and topical issues of application of the CRS Common Reporting Standard by financial institutions. For more information about the event, please follow the link (Ukrainian version).