Financial agents, attention!

Press service of the State Tax Service of Ukraine, published 31 October 2024 at 15:16 Chapter: News

State Tax Service of Ukraine informs FATCA-accountable financial agents about resumption of functioning of the International Date Exchange Service (IDES).

For reference!

In a period from June 14 to June 20, 2024, the US Internal Revenue Service implemented global update of the International Data Exchange Service (IDES), which was published in the information notification.

After the specified IDES update, the State Tax Service recorded presence of a technical problem, which consisted in a violation of the information interaction between the IT system of the State Tax Service and IDES, in connection with which technical process of receiving and processing reports on accountable American accounts under the FATCA Agreement (hereinafter – FATCA reports) was violated.

The specified technical failure led to the impossibility of submitting FATCA reports by financial agents to the State Tax Service within the time limit specified in Sub-paragraph 39³.4.1 Paragraph 39³.4 Article 39³ of the Tax Code of Ukraine (hereinafter – Code) (until July 1).   

Due to the technical issue, the Internal Revenue Service has extended deadline for the information exchange set out in Paragraph 5 Article 3 of the FATCA Agreement until November 30, 2024. 

Taking into account above specified, to all financial agents who, due to the technical IDES failure, could not ensure fulfillment of tax obligation provided for in 39³.4 Article 39³ of the Code, it is necessary to submit reports on FATCA accountable accounts for the reporting year 2023 by 30.11.2024.

To avoid errors submitting FATCA reports, financial agents need to check validity of the public digital SSL certificates of the State Tax Service and the Internal Revenue Service.