Agreement between the Government of the United States of America and the Government of Ukraine to Improve International Tax Compliance and to Implement FATCA
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Agreement between the Government of the United States of America and the Government of Ukraine to Improve International Tax Compliance and to Implement FATCA

Whereas, the Government of the United States of America and the Government of Ukraine (each, a “Party,” and together, the “Parties”) desire to conclude an agreement to improve international tax compliance;

Whereas, Article 27 of the Convention Between the Government of the United States of America and the Government of Ukraine for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital, along with a Protocol, done at Washington on March 4, 1994 (the “Convention”) authorizes the exchange of information for tax purposes, including on an automatic basis;

Whereas, the United States of America enacted provisions commonly known as the Foreign Account Tax Compliance Act (“FATCA”), which introduce a reporting regime for financial institutions with respect to certain accounts;

Whereas, the Government of Ukraine is supportive of the underlying policy goal of FATCA to improve tax compliance;

Whereas, FATCA has raised a number of issues, including that financial institutions of Ukraine may not be able to comply with certain aspects of FATCA due to domestic legal impediments;

Whereas, an intergovernmental approach to FATCA implementation would address legal impediments and reduce burdens for financial institutions of Ukraine;

Whereas, the Parties desire to conclude an agreement to improve international tax compliance and provide for the implementation of FATCA based on domestic reporting and automatic exchange pursuant to the Convention, and subject to the confidentiality and other protections provided for therein, including the provisions limiting the use of the information exchanged under the Convention;

Now, therefore, the Parties have agreed as follows:

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Agreement between the Government of the United States of America and the Government of Ukraine to Improve International Tax Compliance and to Implement FATCA
Agreement between the Government of the United States of America and the Government of Ukraine to Improve International Tax Compliance and to Implement FATCA

Article 1 Definitions

Article 2 Obligations to Obtain and Exchange Information with Respect to U.S. Reportable Accounts

Article 3 Time and Manner of Exchange of Information

Article 4 Application of FATCA to Financial Institutions of Ukraine

Article 5 Collaboration on Compliance and Enforcement

Article 6 Mutual Commitment to Continue to Enhance the Effectiveness of Information Exchange and Transparency

Article 7 Consistency in the Application of FATCA to Partner Jurisdictions

Article 8 Consultations and Amendments

Article 9 Annexes

Article 10 Term of Agreement

ANNEX I DUE DILIGENCE OBLIGATIONS FOR IDENTIFYING AND REPORTING ON U.S. REPORTABLE ACCOUNTS AND ON PAYMENTS TO CERTAIN NONPARTICIPATING FINANCIAL INSTITUTIONS

I. General.

II. Preexisting Individual Accounts.

III. New Individual Accounts.

IV. Preexisting Entity Accounts.

V. New Entity Accounts.

VI. Special Rules and Definitions.

Annex II

I. Exempt Beneficial Owners other than Funds.

II. Funds that Qualify as Exempt Beneficial Owners.

III. Small or Limited Scope Financial Institutions that Qualify as Deemed-Compliant FFIs.

VI. Accounts Excluded from Financial Accounts.

VI. Definitions.