“The State Tax Service of Ukraine wants to check information constituting banking secrecy about Ukrainians and businesses”, – MP says

The Ukrainian Tax Service seeks to access information that constitutes banking secrecy regarding Ukrainian citizens and businesses.

This was reported by Member of Parliament Nina Yuzhanina.

The tax service’s request will target the bank itself as the subject of the inquiry, not the individual or business whose information is being sought. However, the National Bank of Ukraine (NBU) believes that the tax authority’s proposals require further refinement before being submitted to parliament, as they currently violate European practices.

According to Yuzhanina, the courts can already grant tax authorities access to banking secrecy information, and this access could be more extensive than what the State Tax Service of Ukraine is proposing. However, the tax authorities must justify the need and provide a legal basis for requesting such information.

Yuzhanina also noted that these proposed changes are being discussed in the tax committee in secrecy, and she only learned about them through the National Bank of Ukraine.

Earlier, Ukraine completed its first international automatic exchange of information under the Common Reporting Standard (CRS) to enhance financial transparency and combat tax evasion.

It’s also worth recalling that in the summer, the National Bank demanded that financial institutions more closely scrutinize small transfers between individual accounts.