Yesterday, the Verkhovna Rada approved a bill "On amendments to the Tax Code of Ukraine on transfer pricing" (No. 2515) at first reading.

A total of 279 MPs supported the bill, with 226 votes required for approval.

"We have the support of business, and could attract 20 billion UAH within three years without creating additional tax pressure," income and tax minister Oleksandr Klymenko said while presenting the bill.

According to him, the bill matches the recommendations of the Organization for Economic Cooperation and Development (OECD) and will build an efficient transfer pricing system in Ukraine.

"I’m calling for support for the position of state patriotism: profits should stay in the country where they were earned," Klymenko said, adding that Ukraine is still a world outsider in this regard.

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