Adoption of the law on transfer pricing will give additional 20 billion UAH to state budget, deputy incomes and fees minister Andriy Ihnatov said at the meeting of the Parliament’s committee on taxation and customs policy, ForUm correspondent reports.
The official said that establishment of an effective system of state regulation of transfer pricing provides for the introduction of rules to determine prices for the taxation of foreign related-party transactions.
"The need for the introduction of such rules and monitoring over their compliance explained by the proliferation of artificial creation of the financial flows between the entities, which are parties to the same transnational corporation or industrial financial group and are located in different countries. Existing tools of transfer pricing allow transnational corporations and industrial financial groups to withdraw funds beyond the economy of Ukraine and accumulate them in the economies of other countries, according to the strategy of corporations and business groups, with the reduction of tax liabilities. This narrows the financial strength of the domestic economy and affects the amount of revenues to the state budget," the financier explained.
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