Ukraine plans to exchange tax information with other countries

September 30, 2024 will be a key date for Ukrainians who have bank accounts and income abroad, including those who left for Europe as refugees. This day will mark the first stage of the exchange of tax information between Ukraine and other countries in accordance with the international reporting standard CRS (Common Reporting Standard). This standard is valid for the automatic exchange of financial data between tax authorities of different countries.

There have been many disturbing rumors circulating about the consequences of such an exchange for a long time.

"Ukrainian refugees risk finding themselves caught between two fires. On the one hand, our fiscal service will gain access to data on their income in Europe and may assess taxes on them. On the other hand, European tax officials will learn about the earnings and assets of our refugees in Ukraine, and this threatens serious consequences. If a Ukrainian refugee is in free housing and on welfare, for example, in Germany, and at the same time works remotely for a Ukrainian company, receiving a salary, then he may not only be forced to return social benefits and be deprived of paid housing, but also be "charged" under a criminal article. After all, the presence of hidden income in another country may be regarded as fraud," says Vasyl Voskoboynyk, head of the All-Ukrainian Association of Companies for International Employment.

However, many lawyers believe that those with relatively small amounts in their accounts have nothing to fear.

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