REUTERS
The document was backed by 302 MPs.
The Verkhovna Rada, Ukraine's parliament, has passed bill No. 2103 to amend the Tax Code of Ukraine following the ratification of the agreement between the government of Ukrainian and the United States to improve the implementation of tax rules and the application of the provisions of the Foreign Account Tax Compliance Act (FATCA).
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The document, which was considered in the second reading and as a whole, was backed by 302 MPs with at least 226 votes required, an UNIAN correspondent reported on December 4.
While reporting on the bill, head of the Financial, Tax and Customs Policy Committee Danylo Getmantsev said all the amendments had been taken into account for the second reading.
The draft law provides for amendments to the Tax Code of Ukraine regarding the definition of concepts: a disclosing account and its owners, a financial agent, and a financial account. The document also defines the features of reporting on disclosing accounts, the collection and receipt of tax information by regulatory authorities from financial agents, according to the explanatory note to the bill.
In addition, the document provides for the imposition of a fine for failure to submit, and submission with violations or inaccurate information or errors, of reports on disclosing accounts (this rule is primarily aimed at encouraging financial agents to comply with legislation on the obligation to submit a report on accountable accounts).
As UNIAN reported earlier, on October 29, the Verkhovna Rada ratified the agreement between the government of Ukraine and the United States to improve the implementation of tax rules and the application of the FATCA provisions.