Parliament approves law on exchange of tax information with United States
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The Verkhovna Rada of Ukraine has adopted laws amending certain laws of Ukraine and the Tax Code in connection with the ratification of the Agreement between the Government of Ukraine and the Government of the United States of America to improve the implementation of tax rules and the application of provisions of the U.S. Law ‘On Foreign Account Tax Compliance Act’ (FATCA) (No.2102, No.2103).
The laws at second reading and as a whole were supported by 303 and 302 MPs, an Ukrinform correspondent reported.

These laws introduce amendments to the Law “On Banks and Banking” in part of the procedure for disclosing banking secrecy, the Law “On the Depository System of Ukraine” in part of access to information contained in the depository accounting system, as well as to the Tax Code regarding the definition of concepts: the account and its owners, the financial agent and the financial account; peculiarities of reporting on accounts; the collection and receipt of tax information by the controlling authorities from financial agents.

As Ukrinform reported, the law of the United States on the Foreign Account Tax Compliance Act (FATCA) officially went into effect on July 1, 2014. It is aimed at combating offshore tax evasion by encouraging transparency and obtaining information on accounts held by U.S. taxpayers in other countries. FATCA enables foreign banks to share reporting on financial accounts maintained by U.S. citizens with the U.S. Internal Revenue Service (IRS).

On February 7, 2017, the Government of Ukraine and the Government of the United States of America signed an agreement to improve the implementation of tax rules and the application of provisions of the U.S. Law ‘On Foreign Account Tax Compliance Act’ (FATCA) and developed a draft law on amendments to the Tax Code of Ukraine in connection with its ratification.