Financial market participants with the Deputy Chairman of the State Tax Service of Ukraine for Digital Development, Digital Transformations and Digitization Nataliia Kalenichenko discussed the procedure and methods of filling in and submitting a report on accountable accounts by financial agents under the FATCA Agreement in the ZOOM-conference format.
Deputy Chairman reported that currently the draft order of the Ministry of Finance of Ukraine “On approval of the Procedure for filling in and submitting financial report by financial agents under the Agreement between the Government of Ukraine and the Government of the United States to improve tax compliance and application of the US Law “On the Foreign Account Tax Compliance Act” (FATCA) has been agreed with all stakeholders.
Provisions of the draft order stipulate that the State Tax Service of Ukraine is a representative of the Ministry of Finance of Ukraine for purposes of implementing the FATCA Agreement and a competent authority of Ukraine for purposes of information exchange according to such Agreement.
“Tax Service is negotiating with the International Data Exchange Service. We are working 24/7 in a contact with the Ministry of Finance to ensure that everything is on time: that all financial agents have the opportunity to submit reports on time.” – stated Nataliia Kalenichenko.
Today’s online meeting will result a banner “FATCA” that will be created on the web portal of the State Tax Service, in which the State Tax Service will post necessary information on practical mechanisms for implementing the FATCA Agreement provisions.
Deputy Chairman thanked all participants for constructive conversation which provided opportunity to identify all issues that currently exist in the FATCA implementation segment.
“STS makes every effort to prepare instructions and materials in the “question – answer” format, which will provide comprehensive explanations on all issues and methodological support to financial institutions within the powers” – informed Nataliia Kalenichenko.