A system of information exchange on the financial markets is set up in Ukraine, incomes and fees minister Oleksandr Klimenko said yesterday during a press conference, ForUm correspondent reports.

According to him, the system is worked out jointly by the Incomes and Fees Ministry, the National Securities and Stock Market State Commission, and the National Commission for State Regulation of Financial Services Markets, which signed the trilateral memorandum.

"Information exchange is a serious component of market transparency. Our Memorandum is not just a declaration of intent, but one more step to transparency, ability to share information online. Such exchange will be carried out not only in the interest of the country in general, but particularly for the business," the official said.

He added that the agencies-signatories will have access to a common database of violations in the field of taxation, attempts of tax evasion, fake securities issuers, which only simulate activities. "Thus, the Incomes and Fees Ministry gains access to audit evidence and accounting information for completeness of taxation process," the minister noted.

He added that such system will enable the state regulators to quickly counter the attempts of financial fraud and combat the illegal circulation of funds. "The Incomes and Fees Ministry is ready to cooperate with financial market participants. However, our willingness to compromise does not mean we would turn a blind eye to the abuse. We are able to see and anticipate the manipulation and attempts of operators to reduce their tax liabilities. We recommend companies to refocus their strategies so that in future they have no complaints about state regulators," Klimenko concluded.



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