Submission of PF CRS reporting: meet the new SOTA CRS solutions!
We would like to remind our readers that on November 17, 2023, the order of the Ministry of Finance dated September 25, 2023 No. 516 «On approval of the Procedure for filling out and submitting a report on accountable accounts by financial agents in accordance with multilateral agreement of competent authorities on automatic exchange of information on financial accounts» (hereinafter – Order).
With the entry into force of changes to the tax legislation regarding the implementation in Ukraine of the General CRS reporting standard, financial agents who are Accountable Financial Institutions for the purposes of the CRS Multilateral Agreement and the CRS General Reporting Standard (hereinafter – PFC), from 1 from July 2023 are obliged to take measures of proper comprehensive verification in order to identify accountable accounts and to submit a report on accountable accounts to the State Tax Service of Ukraine every year by July 1 (hereinafter – Report).
The order establishes that the first Report for the reporting period beginning on July 1, 2023 and ending on December 31, 2023 (the first reporting period) is to be submitted to the PFU by July 1, 2024. In the future, the previous calendar year will be considered the reporting period. We wrote about this in detail here.
The Report provides information on all accountable accounts for the reporting period. If the PFI has no financial accounts in the reporting year, or if, after applying due diligence procedures, the PFI does not identify any financial accounts that are accountable for the purposes of the CRS Multilateral Agreement, the PFI shall submit a ``zero'' a report indicating the absence of accountable accounts in the relevant year.
About who are accountable financial institutions and submit a new Report, and who are non-accountable financial institutions, – read in the DPSU Information Letter No. 5/2023.
A new range of SOTA CRS solutions
Two solutions have been created for the convenient submission of CRS reporting by PFU:
SOTA CRS – is a cloud service that provides the creation of a personal account for the formation, verification and submission of reports on accountable accounts.
SOTA ARY CRS – a solution consisting of a user account and a built-in REST API for integration with accounting systems. It is installed in the user's infrastructure and provides operation through a browser. The API allows you to work with large volumes of data, generate automated reports, and optimize the CRS reporting process.
SOTA CRS decisions are intended for PFU submission of CRS reporting to the State Tax Service of Ukraine (STS).
Please note that before reporting, all PFUs must be registered in the List of PFUs (they should be registered with the DPS). This List is public and can be found on the DPS web portal in the CRS section.
The range of SOTA CRS solutions was developed in accordance with the requirements of the Order. Therefore, the SOTA CRS takes into account all the features of submitting new reporting.
In particular, a new report is submitted when you want to enter new information regarding financial accounts or other information, adjusting – when changes should be made to a previously submitted report, “zero” – when there is an obligation to submit a CRS report, and there are no accountable financial accounts in the reporting period. For example, the AMC does not have its own accountable accounts, so it submits a “zero” report CRS703.
The report is filled in Latin (except for contact data, where it is allowed to fill in both Latin and Cyrillic) and is submitted exclusively in electronic form in one XML file.
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Learn more about reporting with the WTO CRS on our website.