Reporting deadlines under the FATCA Agreement for COVID-19 have been extended

On the basis of a letter from the Ministry of Finance of Ukraine dated 18.11.2020 the NSSMC informs financial institutions that are obliged to perform the duties of financial agents, the list of which is established by the NSSMC  Resolution (dated 06.10.2020 №578), information on the extension of reporting deadlines under the FATCA Agreement.

In accordance with paragraph 1 of Article 8 of the FATCA Agreement, due to difficulties in implementing of this Agreement and taking into account the COVID-19 pandemic, the Ministry of Finance of Ukraine consulted with the competent U.S. authority – the U.S. Internal Revenue Service on the postponement of the reporting period for Ukraine.

Thus, by letter dated 12.11.2020, the U.S. Internal Revenue Service informed the Ministry of Finance of Ukraine about the postponement for Ukraine of the deadline for submission of reports on accountable accounts (for the reporting periods from 2014 to 2019) until September 30, 2021. Therefore, for the State Tax Service of Ukraine, which is the competent authority for the purpose of automatic exchange of information under the FATCA Agreement, the deadline for submission of reports on accountable accounts to the US Internal Revenue Service has been extended to September 30, 2021.

Given the above and in accordance with paragraph 69.8.3 of Article 69 of the Tax Code of Ukraine, financial agents are required to submit reports on accountable accounts for 2020 to the State Tax Service of Ukraine (central executive body that implementing state tax policy) and information relating to reporting periods from 2014 to 2019, until September 1, 2021.