The Organisation for Economic Co-operation and Development has released an updated data exchange schema under the Common Reporting Standard, with Ukraine's tax authority urging financial agents to prepare for the change ahead of the planned 2027 transition.
Ukraine’s State Tax Service has announced that the Organisation for Economic Co-operation and Development (OECD) has updated the data exchange schema under the Common Reporting Standard (CRS), introducing new technical requirements that financial agents will need to meet.
The updated schema, known as CRS XML Schema (v3.0), provides for the use of additional information fields when preparing and exchanging reports on reportable accounts. The transition to the updated schema is planned from 2027, the State Tax Service said in a statement published on 4 September 2026.
To facilitate the transition and adapt national legislation accordingly, work is currently underway to introduce amendments to the Procedure for Completing and Submitting by Financial Agents a Report on Reportable Accounts under the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information. The procedure was approved by Order No. 516 of the Ministry of Finance of Ukraine, dated 25 September 2023.
An adapted XML schema for the report, developed on the basis of the updated CRS XML Schema (v3.0), will be used to prepare the report on reportable accounts submitted to the tax authority.
The State Tax Service has recommended that financial agents review the technical requirements published on the OECD website to ensure timely preparation for the implementation of the updated XML schema for CRS reporting. These include the CRS XML Schema – Version 3.0, which sets out the updated schema for exchanging information under the CRS Standard, and the Amended Common Reporting Standard XML Schema: User Guide for Tax Administrations – Version 4.0, published in October 2024, which guides the application of the updated schema.
Financial agents are expected to align their reporting systems with the new requirements before the 2027 implementation date.
