Ukraine successfully passes OECD Global Forum assessment

On June 26, 2024, the Global Forum on Transparency and Exchange of Information for Tax Purposes (OECD Global Forum) approved the Report on the maturity of the information security management system in Ukraine.

This approval follows a comprehensive assessment by the State Tax Service of Ukraine for compliance with the requirements for confidentiality and data protection for the purposes international automatic exchange of information.

The STS, as Ukraine’s competent authority for these exchanges, has demonstrated its commitment to maintaining high standards of confidentiality and data protection. The approval of this Report marks a significant milestone in Ukraine’s journey towards implementing international standards for the automatic exchange of financial accounts information in line with the Common Reporting Standard (CRS) and Country-by-Country (CbC) Reports. This achievement is also a vital step towards the activation of the relevant international multilateral agreements that the STS has joined in 2022.

The successful integration of these international standards into Ukrainian legislation and practice has been supported by EU4PFM. As a result of this assessment, Ukraine is poised to become an equal and reliable partner in the global system of automatic information exchange, which includes over 100 countries, encompassing all EU member states. The first exchange of financial account information under the CRS Common Reporting Standard is scheduled for autumn 2024.

Ukraine’s commitment to implementing international standards on transparency and information exchange is driven by both domestic government programs and its international obligations as an OECD Global Forum participant and EU membership candidate.