Compliance with FATCA and CRS

International exchange of tax information

NovaPay complies with international requirements and Ukrainian legislation regarding the exchange of tax information under FATCA and CRS.

The Foreign Account Tax Compliance Act (FATCA) is a law enacted by the US Department of the Treasury and the Internal Revenue Service (IRS) aimed at preventing tax evasion in the US.
In Ukraine, FATCA requirements have been implemented through an agreement between the governments of Ukraine and the US to improve tax compliance.

The Common Reporting Standard (CRS) is an international standard for reporting and verifying information on financial accounts, adopted by the Organization for Economic Co-operation and Development on 15 July 2014.
It requires countries to collect information on accounts held with financial institutions and to automatically exchange this information with partner countries annually.

Under these requirements, financial institutions worldwide must verify the tax status of their clients and, in certain cases, report this information to the tax authorities.

 

Determining tax residency

To comply with FATCA and CRS requirements, NovaPay conducts client verification to determine their tax residency.

Therefore, the company may request:

• the country or countries of tax residency
• tax identification number (TIN)
• proof of tax status
• self-certification forms

 

US tax forms (FATCA)

If a client is a US taxpayer or appears to have a tax connection with the US, the company may request IRS forms, in particular:

• Form W-9 – for individuals who are taxpayers in the US
• Form W-8BEN – for individuals who are not US tax residents
• Form W-8BEN-E – for legal entities that are not US tax residents

To comply with FATCA requirements, NovaPay registered on the IRS website IRS in 2026 and obtained the status of a reporting financial institution (Model 1 IGA) and a GIIN: SR6SPC.99999.SL.804.

You can view W-8BEN-E NovaPay form via the link

 

Further information

You can find out more about international tax transparency requirements on the following official websites:

Foreign Account Tax Compliance Act (FATCA)

Common Reporting Standard (CRS)