Ukrainian banks will send confidential information to regulatory authorities of the USA
From 16 November in Ukraine began to operate the law "On ratification of the Agreement between the Government of Ukraine and the Government of the United States to improve the implementation of tax rules and application of the provisions of the US Law "On tax requirements for foreign accounts" for FATCA).
Now the Ukrainian banks to annually transmit to the regulatory authorities of the U.S. information about accounts of U.S. taxpayers.
"the Specialists of FATCA is seen as a principle that all passed information to the United States. While the US does not share it with anyone," - commented on the provisions of the act ILF Anna Stebaeva in an interview with the Mind.
FATCA (Foreign Account Tax Compliance Act) helps the US government to control the payment of taxes on income abroad. Now Ukrainian banks once a year needs to pass information on U.S. taxpayers directly to the regulatory authorities of the United States. Ukraine will report all accounts of U.S. persons and companies, the ultimate beneficiaries of which is at least one person with American citizenship.
In particular, this report will include information about the status of the account, the total gross proceeds from the sale of property, data on interest rates on deposits, and the like. Stebaeva stressed that the Ukrainian business should not feel any difference in working with American partners, except for contractors that use Ukrainian banks for tax evasion in the United States. Upon detection of cooperation with such individuals and companies, agreements can be invalidated, and the Ukrainian side can bring to the judicial process and deny U.S. visa.
Many experts believe that the ratification of the FATCA in Ukraine is the first step for the further implementation in Ukraine of CRS (Common Reporting Standard) - the international system of exchange of tax and financial information, said Stebaeva.