February 7, 2017
Thank you very much. I am so pleased to be here for the signing of the agreement to implement the Foreign Account Tax Compliance Act, or as we call it, FATCA.
FATCA introduces reporting requirements for foreign financial institutions with respect to certain accounts held by U.S. persons and certain foreign entities in which U.S. persons hold a substantial ownership interest.
Today’s signing marks a really significant step forward in our countries’ efforts to work collaboratively to combat offshore tax evasion and to increase transparency in the global financial system.
So it’s a proud day for our team and for our counterparts at the Ministry of Finance, who have been working together closely for a number of years to make this signing possible.
This agreement demonstrates the continued close cooperation between our two nations and our commitment to further deepen and enhance our already strong and vibrant bilateral relationship.
But we really see our bilateral work on revenue administration is a two-way street. We appreciate the Government of Ukraine’s support of our efforts to improve our tax compliance. And likewise we are committed to support our Ukrainian counterparts to forward their own tax administration goals.
The U.S. supports a robust technical advisory program in Ukraine. In fact, we have more Treasury advisors working in Ukraine than in any other country in the world, and I think that demonstrates the deepest commitment.
Our Treasury experts are working to advise the Ministry of Finance and the State Fiscal Service, among other agencies, on policies that we believe will help make Ukraine’s tax administration more efficient, effective, and transparent, the goals of, I think, all Ukrainians.
Minister Danyliuk, I want to thank you, on behalf of the U.S. government, for your partnership and dedication to reform. We look forward to continuing with the Government of Ukraine on implementation of the FATCA agreement that we signed today and on our broader bilateral agenda.
