The Ministry of Finance of Ukraine by Order No. 516 of September 25, 2023 approved the Procedure for filling out and submitting report on reportable accounts by financial agents in accordance with the Multilateral Competent Authority Agreement on the automatic exchange of information on financial accounts. Subsequently, the Ministry of Finance has made additional changes to this order (Order of the Ministry of Finance No. 556 of October 13, 2023).
The orders establish that the first report on reportable accounts for the reporting period beginning on January 7, 2023 and ending on December 31, 2023 should be submitted by financial agents by January 7, 2024.
The procedure defines the requirements for the form and format of the report on reportable accounts (hereinafter — the Report) and the rules for its completion and submission by financial agents to the tax authority in accordance with the Multilateral Competent Authority Agreement on the automatic exchange of information on financial accounts (hereinafter — the CRS Multilateral Agreement).
The report is filled out using Latin alphabet (except for contact information) and submitted by accountable financial institutions (hereinafter — AFI) to the tax service in electronic form in one XML file. Its format is described in Appendix 1 to the approved Procedure.
Appendix 2 to the Procedure contains references that are used when filling out the elements of the report.
The report provides information on all accountable accounts for the reporting period.
The AFI submits a “zero” report if in the reporting year:
- there are no financial accounts or
- after applying due diligence procedures, no financial account is identified that is accountable for the purposes of the CRS Multilateral Agreement. The report is submitted for the previous calendar year.
Clarified: if the last day of the deadline for submitting the report on reportable accounts falls on a weekend or holiday, then the last day of the deadline is considered to be the operating (banking) day that follows the weekend or holiday.
The tax authority provides the information received from the AFI to the competent authorities of other countries through the CTS portal by September 30 of the year following the reporting year.
In addition, the mechanism for correcting errors in the submitted report, if the tax service received notification of them from the competent authority of another jurisdiction on the basis of the CRS multilateral agreement, was defined.
The Cabinet of Ministers of Ukraine, by Resolution No. 1105 of October 20, 2023, changed the Traffic Rules.
The document provides for:
- obligation to turn on daytime running lights while driving on all mechanical vehicles outside populated areas, and in the absence of them in the structure of the vehicle, low beam headlights;
- enshrining the ban on transporting children under 150 cm in height in vehicles without the use of child restraint systems, which make it possible to fasten the child with the help of seat belts provided for by the design of this vehicle and on the back seat of a motorcycle and moped, except for a number of stipulated cases;
- clarification of the list of road signs marking special parking spaces on highways and roads for cars.
Resolution No. 1105 enters into force on the day of its official publication.
The President of Ukraine has signed Law of Ukraine No. 3410-IX of October 5, 2023 on expanding the form of compensation for Ukrainians whose housing was damaged or destroyed as a result of Russian aggression (“yeVidnovlennia”).
In particular, from now on, citizens who repaired damaged housing at their own expense will be able to claim payment under the “yeVidnovlennia” program.
Applications are submitted through Diia. No invoices, receipts, photo or video recordings or other proofs are required. If desired, they can be additionally provided to the commission, but they are not mandatory or determinative for making a decision on compensation.
Payments under the new form of compensation will begin on January 1, 2024. The mechanism will be the same as for other “yeVidnovlennia” categories:
- submitting an application through Diya;
- consideration of the application by the commission;
- determining the size of the payment.
When determining the amount of compensation, the commissions are guided by the report of the initial inspection of the damaged housing, which is carried out after its damage, and the checklist with the established cost of building materials and works, approved by the Cabinet of Ministers.
The law enters into force on January 1, 2024.
The President of Ukraine has signed the Law of Ukraine “On the Procedure for Solving Certain Issues of the Administrative and Territorial System of Ukraine”.
The law defines the procedure for the formation, liquidation, establishment and change of the boundaries of administrative and territorial units, their naming and renaming, changes in the categories of settlements, and the resolution of other issues of the administrative and territorial system of Ukraine.
The National Bank of Ukraine by Resolution No. 129 of October 18, 2023 “On Approval of Amendments to the Regulation on Provision of Information by Banks to Clients Regarding Banking and Other Financial Services” clarified the requirements for information provision by banks to clients regarding banking and other financial services, provided for in the relevant Regulation, approved by Resolution of the Board of the National Bank of Ukraine No. 141 of November 28, 2019 (with amendments).
In particular, it has specified:
- the place and form of placing warnings about the possible consequences of using the bank's services on its own website and in advertising on other websites;
- the procedure for disclosing essential characteristics of banking services on the bank's own website, on other websites and in advertising;
- the disclosure of information/dissemination of advertising about retail products, technologies and tools of the bank, which exist in the form of separate projects (fintech project).
The planned changes regarding information provision will contribute to the client’s informed decision to use the bank’s service.
A transition period of one month is provided for banks to bring their activities in line with the approved changes.
The President of Ukraine has signed Law No. 3419-IX of October 17, 2023 (basic draft law No. 9269-д) on strengthening financial monitoring of PEPs (Politically Exposed Persons).
The main innovation: instead of three years after the position, top officials (PEP) will actually have lifetime PEP status. More precisely, a year+ and then the “risk-oriented approach” will be applied to them.
At the same time, the draft law increases the responsibility of the SPFM (for example, banks) for unjustified refusal to users of financial services.
The law should be counted as the fulfillment of IMF requirements (the 14th structural benchmark, which was to be fulfilled by the end of September this year).
It was also a step to start negotiations on Ukraine's membership in the EU.
