<Ambassador Marie Yovanovitch and Ukrainian Finance Minister Oleksandr Danyliuk signed an Intergovernmental Agreement (IGA) to implement provisions of the Foreign Account Tax Compliance Act (FATCA) and to promote transparency between the two nations on tax matters.
KYIV, Feb 8, 2017 - US Ambassador Mary Jovanovich Ukraine and Minister of Finance of Ukraine Alexander Danyluk yesterday signed the Intergovernmental Agreement on the provisions of the US "On the tax requirements for foreign accounts” (FATCA) and to promote transparency in tax matters between the two countries. The agreement underscores long-term cooperation and strong bilateral relations with Ukraine, and increasing international cooperation aimed at overcoming offshore tax evasion.
Ambassador Jovanovich said: "The United States and Ukraine have developed a strong partnership on issues of tax administration, and I'm glad about the cooperation of the ‘On the tax requirements for foreign accounts’ (FATCA) that will continue to strengthen our efforts in this area. Today's signing is a significant step forward in our joint efforts to fight tax evasion - this aim, which has positive benefits for both our countries. We look forward to the full implementation of this Agreement, which will allow us to better detect, counter and prevent tax evasion through improved transparency and in-depth reporting."
FATCA will allow Ukrainian banks to provide Revenue Service information on the financial accounts of American citizens. US enacted the Law "On tax requirements for foreign accounts" in 2010 to counter offshore tax evasion by promoting transparency and information on the accounts of US taxpayers in other countries.
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Text and photo supplied by the US Embassy, Kyiv with additional editing by UBO