Politics 2021-11-15T07:34:02+02:00
Ukrainian news
Ukraine, USA Arrange Tax Compliance Of Foreign Accounts

Ukraine, USA Arrange Tax Compliance Of Foreign Accounts

Ukraine, agreement, United States of America, tax compliance, foreign accounts

Ukraine and the United States of America have signed the agreement on tax compliance of foreign accounts.

Minister of Finance Oleksandr Danyliuk and United States Ambassador to Ukraine Marie Yovanovitch signed the compact, Ukrainian News Agency reports.

The agreement provides for the improvement of tax compliance and application of the provisions contained in the United States' Foreign Account Tax Compliance Act (FATCA).

Yovanovitch pronounced hope for further cooperation with Ukraine in the implementation of this agreement.

FATCA foresees presentation by foreign financial institutions to the U.S. tax authority (Internal Revenue Service) of information about account owners (in the first place for the accounts with balances exceeding USD 250,000 for corporates and USD 50,000 for individuals).

As Ukrainian News Agency earlier reported, the Cabinet of Ministers in November 2016 authorised Danyliuk to sign an agreement with the U.S. Government on tax compliance of foreign accounts.

FATCA took effect on March 18, 2010.

Under FATCA, non-U.S. (foreign) financial institutions are required to report asset and identify information related to suspected U.S. persons using their financial institutions.