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. On this day, the first stage of exchange of tax information between Ukraine and other countries will take place in accordance with the CRS (Common Reporting Standard) international reporting standard. This standard applies to the automatic exchange of financial data between tax authorities of different countries.

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

"Ukrainian refugees risk being caught between two fires. On the one hand, our fiscal service will have access to data on their income in Europe and can charge them taxes. On the other hand, European tax officials will find out about the earnings and assets of our refugees in Ukraine, and this threatens with serious consequences. If a Ukrainian refugee sits 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 can not only be forced to return social benefits and be deprived of paid housing, but also "let go" under a criminal article. After all, the presence of hidden income in another country can be regarded as fraud," says Vasyl Voskoboynyk, head of the All-Ukrainian Association of International Employment Companies.

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

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