Accomplished: Successful Software Development for International Automatic Exchange of Information under CRS and CbCR Standards

The software development for the State Tax Service of Ukraine, enabling the international automatic exchange of information under the Common Reporting Standard (CRS) and Country-by-Country Reporting (CbCR) Standard with over 100 foreign tax administrations, has been accomplished.

EU4PFM is privileged for the opportunity to support this initiative and for the fruitful cooperation with the Ministry of Finance of Ukraine and the STS. This collaboration included support for drafting primary and secondary legislation, as well as developing methodologies for the successful implementation of international cooperation instruments.  

Now, the STS has the technical capacity (in compliance with the provisions of the Tax Code of Ukraine) to commence the first exchanges with the tax authorities of each jurisdiction participating in CRS and CbCR on an annual basis. This will improve the efficiency of countering international tax evasion and avoidance, contributing to generating additional tax revenues for Ukraine. 

The implementation of the CRS and CbCR stands as a significant achievement for Ukraine as an EU candidate country, aligning its national legislation with the EU acquis.