The parliament has ratified an agreement between the governments of Ukraine and the United States on improvement of the implementation of tax rules and application of the provisions of the United States’ The Foreign Account Tax Compliance Act (FATCA) and related acts.
The relevant draft law (No. 0001) was approved by 310 votes, with only 226 required for its approval, the Ukrainian News Agency reports.
As Ukrainian News Agency reported earlier, the United States’ Foreign Account Tax Compliance Act (FATCA) entered into force on July 1, 2014.
Its main goal is to prevent tax evasion by American citizens working in other countries.
This act obliges foreign banks and other financial institutions to provide information about customers, individuals, and legal entities (account numbers, turnover, and balances) to the United States’ Internal Revenue Service (IRS).
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