Author Topic: US / UA Tax agreement  (Read 565 times)

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Offline AkMike

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US / UA Tax agreement
« on: 04:50 31-Oct-2019 »
Ukraine and the United States will exchange tax data. Parliament wants to know about American offshore
October 30, 2019, 13:01
Michael Sapiton
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On October 29, the Verkhovna Rada  adopted  Bill No. 0001 on ratification of the agreement with the United States under the FATCA rules (tax requirements for foreign accounts).

This will allow countries to share information about taxpayers and find hidden assets.

What are we talking about
FATCA is the United States Foreign Account Tax Law, which entered into force in July 2014. It prescribes the mechanism of interaction between the IRS (US tax department) and foreign financial organizations.

Parties can automatically exchange data, provided that the countries have concluded an intergovernmental agreement on oversight. The main goal: to find Americans who evade taxation abroad. If there are no contracts, transfers may be fined on suspicion of tax evasion.

Ukraine has signed an agreement with the United States to improve the implementation of the FATCA in 2017. A new law completes this process. Now the IRS will be able to automatically receive data on the administration of income and taxes of US taxpayers.

What for Ukrainians
The bill also applies to Ukrainians who hide assets in the United States, I am sure the head of the parliamentary committee on finance, tax and customs policy Daniil Getmantsev. His quote is from The Page:

This mechanism will allow us not only to disclose information about US taxpayers, about their income in Ukraine, but also provide an opportunity to open mechanisms for our government and tax service to receive information about the assets of Ukrainian citizens that they are hiding abroad so far. These are simple steps to deoffoshore.

https://ain.ua/2019/10/30/ukraina-i-ssha-obmenyayutsya-nalogovymi-dannymi/

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