Common Reporting Standard (CRS)

Starting from July 1, 2023, financial institutions in Ukraine are required to implement measures for comprehensive due diligence in order to identify reportable accounts in accordance with the Common Reporting Standard (CRS). Additionally, they must submit an annual report on reportable accounts to the State Tax Service (STS) by July 1 of each year.

The first reporting period for submitting the report on reportable accounts begins in the second half of 2023 and should be filed in 2024. Subsequently, the reporting period will be considered the previous calendar year.

The Ministry of Finance emphasizes that financial institutions that submit reports on reportable accounts solely on their own behalf will be registered once.

If a financial institution is an investment fund (unit or corporate investment fund), the reporting for such a fund is submitted by the asset management company that manages the assets of the respective investment fund (clause 39-3.11 of article 39-3 of the Tax Code). The registration of an investment fund as a financial institution is also done upon the application of the asset management company. To do this, the asset management company submits an application for its registration as a financial institution and for the registration of all investment funds of this asset management company, which are also financial institutions.

According to the general rule (if an institution submits reporting only on its own behalf), the financial institution is registered as a financial institution under its tax identification number.

If the asset management company submits a registration application for the registration of an investment fund, the registration number of the investment fund as a financial institution is formed from the tax identification number of the asset management company and the registration number of the respective investment fund in the Unified State Register of Collective Investment Institutions.