Ukraine will start exchanging banking information in a few days: what will it mean?

On September 30, Ukraine will start exchanging banking information with other countries. So far, it is only about new accounts and accounts with a balance of more than a million dollars as of last year. Next year, all accounts will be exchanged.

Oleksandra Tomashevska, a tax consultant at the Kyiv Center for Business Support and Development, tells OBOZ.UA: that only the first stage of information exchange is expected to start on September 30. We are talking about accounts with a balance of one million dollars and new accounts. This will affect a small number of Ukrainians. Moreover, Ukrainians with an average account balance of one million dollars or more can pay for the services of tax attorneys and accountants, so they will receive professional assistance.

• September 30, 2024 – exchange of data on new accounts opened after July 1, 2023, and accounts of individuals with high value (over $1 million as of June 30, 2023);
• September 30, 2025 – on low-value accounts (less than USD 1 million as of June 30, 2023) and accounts of organizations with a balance or value exceeding USD 250 thousand.

For now, information received from June 30, 2023, to the end of last year will be exchanged. This will apply only to a small number of accounts. Only in 2025 will the next stage begin, which will affect the rest of the accounts. "For most people, the exchange is postponed for a year, until 2025. Only then will the tax authorities receive data for 2023. But this also does not mean that data on all refugees will be subject to this exchange," Tomashevska says.

Ukrainians will receive CRS-1 questionnaires, which will contain personal data, as well as indicate in which countries they have tax residency and what tax number they have in that country, Tomashevska says. In other words, in order for data from Ukraine to be sent to Germany, a Ukrainian must indicate in his or her application form the tax residence of Germany, as well as his or her TIN there.

As OBOZ.UA previously reported, Gerhard Bösch, the chairman of the board of Privat, receives the highest salary among state-owned banks in Ukraine. In July, he received more than UAH 2.4 million and was far ahead of all his colleagues. At the same time, NBU Governor Andriy Pyshnyi, who is responsible for the entire banking system, earns an average of UAH 629 thousand per month.

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