The Tax Service of Ukraine gets access to foreign bank accounts of citizens

The State Tax Service of Ukraine has received a positive opinion from the OECD Global Forum regarding the maturity of its information security management system and data exchange for tax purposes. This information was published on the official website of the State Tax Service.

According to the Chairman of the Verkhovna Rada Committee on Taxes and Finance Danil Getmantsev, this will allow the State Tax Service to receive information about bank accounts of Ukrainian residents abroad, as well as financial data of international companies, in particular about the payment of taxes, income, types of activities, number of employees, etc. d.

The STS assessment process began in 2019 and took place in several stages. The final stage took place from December 11 to 14, 2023. Particular attention was paid to information sharing, privacy protection, risk management, access control and cybersecurity.

The implementation of the common reporting standard (CRS) and the country reporting standard (CbCR) is a prerequisite for the automatic exchange of information. Countries must undergo a privacy and data protection assessment before commencing such sharing, demonstrating an appropriate level of protection.

Let us recall that Ukraine submitted an application to join the OECD in September 2022.

Olena Deilid

Junior Legal Secretary