Together with the Ministry of Finance and the State Tax Service, we are starting to debunk myths about CRS

Myth 1: Can the STS automatically fine all citizens temporarily staying in other countries?

The answer is in the video:

What is CRS (or Common Reporting Standard)?

This is an international system of automatic exchange of information about bank accounts.

What is CRS for Ukraine?

It is needed for wealthy individuals who hide their wealth abroad to pay taxes in Ukraine.

How does CRS work?

Banks and other financial institutions collect information about customer accounts and provide it to their country’s tax authority once a year. This data is automatically transmitted by the tax authority to its fellow taxpayers in those countries where the account holders pay taxes. From July 1, 2023, Ukraine became a participant in this process, as well as more than a hundred other countries.In the video, we debunk one of four myths related to the new CRS law.