As published on ukrinform.net, Thursday October 31, 2019.
The Verkhovna Rada of Ukraine has approved a bill in whole to ratify the Agreement between the governments of Ukraine and the United States to improve tax compliance and application of provisions of the U.S. Foreign Account Tax Compliance Act (FATCA), according to the Ukrainian parliament’s website.
“The Verkhovna Rada of Ukraine has ratified the agreement between the Government of Ukraine and the Government of the United States of America to improve the implementation of tax rules and the application of provisions of the U.S. Law ‘On Foreign Account Tax Compliance Act’ (FATCA), concluded on February 7, 2017 in Kyiv, which comes into force on the day of written notification by Ukraine of the United States of America on the completion of all domestic procedures required for this agreement to entry into force,” reads the report.
The law of the United States on the Foreign Account Tax Compliance Act (FATCA) officially went into effect on July 1, 2014. It is aimed at combating offshore tax evasion by encouraging transparency and obtaining information on accounts held by U.S. taxpayers in other countries. FATCA enables foreign banks to share reporting on financial accounts maintained by U.S. citizens with the U.S. Internal Revenue Service (IRS).