State Tax Service and Ministry of Finance continues dialogue with business on the eve of the first CRS reporting campaign

Introduction of the international exchange of information on financial accounts according to the Common Reporting Standard (CRS) is one of priorities for the State Tax Service. In connection with approach of deadline for submission of reports on accountable accounts by accountable financial institutions, namely June 30, 2024, the State Tax Service of Ukraine together with the Ministry of Finance of Ukraine the support of the European Union Finance Management Support Programme for Ukraine (EU4PFM) prepared a thematic workshop on completing and submitting reports on accountable accounts.

Discussion was conducted around the practical aspects of applying legislative requirements implementing the Common Reporting Standard (CRS) in the process of completing and submitting report on accountable accounts (hereinafter – CRS report).

In particular, emphasis was placed on practical recommendations for accountable financial institutions on the following matters:

- how to submit the CRS report through the Electronic cabinet;

- general requirements and procedure for filling out the CRS report;

- structure of the CRS report;

- specifics of filling out various elements of the CRS report (taking into account obligatory inclusion of element in the report);

- guides that are used for filling out the CRS report;

- usage examples of codes of organization types – account holders, account number types, controlling entity types, data types, notification types and payment types;

- peculiarities of submitting the CRS report, if account belongs to several owners;

- reporting peculiarities on certain types of financial accounts, namely: on undocumented and closed accounts;

- how to form and submit "zero report" using examples published by the State Tax Service.

Workshop aims to facilitate process of filling and submitting the CRS reports on accountable accounts for accountable financial institutions of Ukraine, which is especially important and relevant on the eve of the first reporting campaign in Ukraine.

Workshop materials:

Video:

Part I

Part II

Part III