CRS, an automatic system of tax information between countries, helps to counteract this.

Upon joining such an agreement, the State Tax Service of Ukraine will receive data from financial institutions of other countries on accounts in foreign banks of Ukrainian citizens and legal entities and provide other countries with relevant data on their residents.

Today, 110 countries use the CRS standard, providing fair tax conditions for their taxpayers. Ukraine is preparing to join the CRS in 2023, so the preparation and training for the use of data obtained under this standard are underway.

During the training, international experts of the EU4PFM Project shared Lithuania’s experience with colleagues from the State Tax Service on the practice of implementing CRS.

Among the main topics:

– ensuring complete confidentiality of the received data of citizens within the framework of the exchange of tax information
– focus on risks of financial institutions: identification of financial institutions for interaction, frequency of risk assessment, and use of its results
– communication with taxpayers to avoid mistakes and obtain inaccurate data
– creating an effective IT solution and improving the regulatory framework for the implementation of CRS.