Ukraine, U.S. sign agreement on FATCA

15:24, 07.02.2017 1 min read

Ukraine's Finance Minister Oleksandr Danyliuk and U.S. Ambassador in Ukraine Marie Yovanovitch signed an intergovernmental agreement to improve the implementation of tax rules and apply the provisions of the U.S. foreign account tax compliance act (FATCA) was signed in Kyiv on Tuesday.

"This agreement helps to reduce the opportunities for financial fraud and tax evasion, to promote a better exchange of information between Ukraine and the United States, the exchange of experience and strengthening our cooperation with the United States," Danyliuk said after the signing.

Yovanovitch explained that under the agreement, the United States will receive at the state level information from the Ukrainian side about the administration of income tax by U.S. citizens and companies in which they own stakes.

The bilateral cooperation in the field of administration of income and taxes is a two-way street, the ambassador said noting that the U.S. is also willing to share the relevant data with the Ukrainian authorities.

Danyliuk said that the agreement on FATCA has already been signed with 60 countries.