Financial statements of companies are one of the most popular and priority data sets for business and society. From now on it became open.
The State Tax Service published them on the Unified Open Data Portal and on its own web portal. Everyone can get acquainted with the real financial situation of companies and the amount of taxes paid by them to the budget.
The STS complied with the requirements of the updated version of resolution No.835 on open data and published the financial statements of companies. This is information about the financial condition and activities of the company. It contains information on income, losses, assets and funds on the books.
"For a long time, business in Ukraine had not had legal access to financial statements. As a result, entrepreneurs could not make weighed decisions about cooperation with partners, and foreign companies could not assess the real situation on the Ukrainian market. Understanding the market allows you to create a quality and necessary product, in whole make business in Ukraine and open opportunities for growth of foreign investment," wrote Deputy Prime Minister - Minister of Digital Transformation Mykhailo Fedorov on his Facebook page.
Open financial reporting will help Ukrainian business with the following:
- increase the transparency of signing agreements with contractors;
- better assess the development of your company in relation to key competitors and understand your market share;
- reduce the risk of cooperation with shadow companies.
Disclosure of companies' financial statements is an important step in de-shadowing the market and another step towards the transparency of the state's economy. It took more than three years to publish it in the shape of open data. Previously, this information was confidential. Exceptions were private joint-stock companies - their reports were open and they were required to publish them on regular basis.