The Internal Revenue Service (IRS) has announced the launch of the website for enrolment for the International Data Exchange Service (IDES).
The IDES is a secure web application for financial institutions (FIs) and tax authorities (HCTAs) to exchange tax information under the Foreign Account Tax Compliance Act, or FATCA, with the IRS.
The IDES website provides access to IDES and requires all enrolees, including HCTAs, to have a digital certificate from an approved certificate authority.
Where a jurisdiction has a reciprocal intergovernmental agreement in place, the IRS will also use IDES to provide similar information to the host country’s tax authority on accounts in US financial institutions held by the jurisdiction’s residents.
Members can read our Back to Basics article on FATCA, as published in PS magazine, here .