Policy Win: Verkhovna Rada of Ukraine Ratified Foreign Account Tax Compliance Act (FATCA)
On October 30 Verkhovna Rada of Ukraine adopted Draft Law #0001 on ratification of the Agreement between Ukraine and the United States on improvement of tax compliance and application of the provisions of the Foreign Account Tax Compliance Act (FATCA) and Draft Laws #2102, #2103 amending the legislative acts and Tax Code of Ukraine.
The Chamber welcomes FATCA ratification as its will allow Ukraine to join the international data exchange system and enable the market players to use the instruments in US capital markets, the largest global market of capital, without incurring penalties or other sanctions that may be imposed for non-compliance with FATCA.
We would like to thank all Members of the American Chamber of Commerce in Ukraine who were actively involved in this advocacy process for their contribution.
The Chamber member companies' experts will continue their work on improvement of Ukrainian legislation and implementation of the world's best practices.