On 8 October 2026, the State Tax Service announced the completion of the latest automatic exchange of financial account information under the Common Reporting Standard (CRS) and the Multilateral Competent Authority Agreement (MCAA). Ukraine transmitted data on financial accounts held by non-residents to 97 partner jurisdictions and received corresponding data from 83 countries. This exchange covers the 2025 reporting period and includes account balances, interest, dividends, and other investment income. The STS operates under the legal framework of Article 50 of the Tax Code and the Law on Ratification of the MCAA. The data exchanged enables tax authorities to detect undeclared offshore assets and ensure proper taxation of passive income. The STS reminded financial institutions that reporting for the 2026 period is due by 31 July 2027, with penalties for non-compliance ranging from UAH 34,000 to UAH 170,000 per violation.
Key Takeaways
- Broadened Network: The addition of 14 new exchange partners since 2025 expands coverage to key financial centers, enhancing transparency for Ukrainian tax residents with offshore holdings.
- Data Quality Focus: The STS introduced automated validation checks for reporting financial institutions, reducing error rates by 22% compared to the previous cycle.
- Voluntary Disclosure Window: Taxpayers with previously undeclared foreign accounts are encouraged to use the ongoing voluntary disclosure program, which offers reduced penalties if initiated before a tax audit commences.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement