Ukrainian Parliament Adopted Two Laws To Implement FATCA Agreement

On December 3, 2019, the Parliament of Ukraine adopted draft laws № 2102 and № 2103. These documents’ purpose is the implementation of the Agreement between Ukraine and the United States of America on the improvement of taxation regulations and the application of the Foreign Account Tax Compliance Act (FATCA).

Law № 2102 changes the Law of Ukraine “On banks and banking activities”. Law № 2103 amends the Tax Code of Ukraine. More than 300 Members of Parliament supported both laws.

After the President of Ukraine signs the adopted laws, the State Tax Service of Ukraine will be able to automatically send the data on American tax-payers’ accounts in Ukrainian financial institutions to the Tax Service of the USA. In future Ukraine expects to obtain the tax data on Ukrainian tax-payers’ accounts in the USA as well.