UBA Committee discussed safe business practices and tax compliance under new international regulations
On November 7, 2024, the Tax and Customs Law Committee of the Ukrainian Bar Association (UBA) held an event titled «How to Run a Business Safely and Pay Taxes Correctly under International Norms and Regulations».
The discussions focused particularly on a new phase of international tax cooperation – the exchange of financial information under the CRS standard, which was implemented for Ukraine in October. This mechanism enables tax authorities in Ukraine and other countries to share information about citizens’ accounts, significantly enhancing transparency and oversight in international finance.
Among the main topics discussed were tax residency issues for Ukrainians living and doing business abroad, reporting requirements for controlled foreign companies (CFCs), asset declaration, and potential cryptocurrency tax regulations.
The event’s keynote speaker, Maryna Tomash, Deputy Chair of the UBA Tax and Customs Law Committee and CEO of Tomash Consulting, provided detailed explanations on changes in reporting and tax regulation. The event was moderated by Andriy Reun, Chair of the UBA Tax and Customs Law Committee, Board Member and Co-Chair of the International Tax Committee at the International Advisers Association, and Partner and Head of Tax Practice at LCF Law Group.