16:46 28.05.2021

Ministry of Digital Transformation opens financial reporting in form of open data

2 min read
Ministry of Digital Transformation opens financial reporting in form of open data

The Ministry of Digital Transformation of Ukraine and the State Tax Service have published the financial statements of companies in the form of open data, it is available on the unified public open data portal.

"For a long time, business in Ukraine did not have legal access to financial reporting, so the analysis of business partners was carried out on the basis of unverified information, and the shadow data market only grew. As a result, entrepreneurs could not make informed decisions about cooperation with partners, and foreign companies could not assess the real situation on the Ukrainian market. The Ministry of Digital Transformation, together with the State Tax Service of Ukraine, have changed this," Deputy Prime Minister, Minister of Digital Transformation Mykhailo Fedorov wrote on his Facebook page on Friday.

He said that understanding the market allows creating a high-quality and desired product, developing business in Ukraine and opening up opportunities for the growth of foreign investment.

Now, according to him, business will be able to: objectively assess its company relative to other competitors and understand its market share; see one-day shell companies; make the negotiation process with potential business partners more transparent; better understand under what conditions to negotiate; speed up the signing of contracts.

"The set contains information for 2020 on income and losses, information on current assets, financial results, equity, information on accounts payable and receivable from more than 500,000 business entities payers of income tax. Most of the available counterparty verification services are ready to integrate the data set," Fedorov said.

Currently, the data is downloaded with broken encoding and is difficult to use.

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