To the attention of financial agents!

Press service of the State Tax Service of Ukraine, published 05 May 2023 at 16:49 Chapter: News

In connection with entry into force of the Law of Ukraine № 2970-IX as of 20.03.2023 "On amendments to the Tax Code of Ukraine on implementation of the international standard for automatic exchange of information on financial accounts" (hereinafter – Law № 2970-IX), the State Tax Service of Ukraine reminds of an obligation of financial agents in 2023 to submit reports on accountable accounts for 2021 and 2022.

Paragraph 3 Section Chapter II "Final and Transitional Provisions" of the Law № 2970-IX: "Establish that in 2023 financial agents must submit reports on accountable accounts subject to submission pursuant to the Agreement between the Government of Ukraine and the Government of the United States of America to improve implementation of tax regulations and application of provisions of the US Law "On tax requirements for foreign accounts" (FATCA) for 2021 and 2022 according to rules of Paragraph 69.8 Article 69 of the Tax Code of Ukraine in version effective as of December 31, 2022. Provisions of Article 393 of the Tax Code of Ukraine apply to financial agents in terms of their fulfillment of requirements of Agreement between the Government of Ukraine and the Government of the United States of America to improve implementation of tax rules and application of provisions of the US Act "On tax requirements for foreign accounts" (FATCA), starting from the reporting year, which ends on December 31, 2023. Financial agent who timely submitted report on accountable accounts for accounting year 2021 in 2023 according to rules of this Paragraph shall not be subject to penalty established by the Tax Code of Ukraine for non-submission or late submission of report on accountable accounts (regarding report for 2021)."