Ukraine ratifies FATCA IGA

On 29 October 2019, the Ukrainian Parliament ratified the Agreement between the Government of the United States of America and the Government of Ukraine to Improve International Tax Compliance and to Implement the Foreign Account Tax Compliance Act (“FATCA”) (“IGA”) (Link-Ukrainian). The IGA shall enter into force on the date of Ukraine’s written notification to the United States that Ukraine has completed its necessary internal procedures for the entry into force of the IGA.

Nonetheless, to ensure the automatic exchange of information, amendments to the Tax Code of Ukraine and other laws must be approved by the Parliament in the second reading which is expected to be held in early November 2019. Importantly, the proposed changes to the Ukrainian laws are prerequisites not just for FATCA, but also for introducing the Automatic Exchange of Information in Ukraine under the Common Reporting Standard.

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