Ukraine, US sign Model 1 FATCA agreement

Added on 17/02/2017

Ukraine and the US have signed a Model 1 FATCA intergovernmental agreement (IGA), according to an update posted today on the US Treasury website, reports MNE Tax.

The US and Ukraine had previously agreed in substance to a Model 1 FATCA IGA and Ukraine has been treated as if it had a FATCA agreement in effect as of June 30, 2014.

FATCA, signed into US law on March 18, 2010, is designed to combat offshore tax evasion by US persons with offshore bank accounts and investments, imposing a withholding tax on foreign financial institutions and other entities that refuse to disclose information about their US customers.