Ukraine and the European Union will establish a workgroup for development of cooperation options in the framework of forming a global system for automatic exchange of tax information. The appropriate agreement was reached at the meeting between Oleksandr Klimenko, Minister of Revenue and Duties of Ukraine, and Algirdas Semeta, EU Commissioner for Taxation, Customs Union, Audit and Anti-Fraud Activities, the Information-analytical Bulletin of the Cabinet of Ministers of Ukraine informs.

Experts say the automatic exchange of tax information between Ukraine and the EU will provide additional opportunities to address the hiding of income in other countries and tax evasion.

"According to our estimates, just this year, over 33 billion UAH were moved out from Ukrainian taxation to offshores and low-tax jurisdictions. We welcome the ambitious and comprehensive BEPS Plan. Ukraine is ready to join its implementation,” Klimenko said.

Experts note that in addition to the global fight against hiding income, Ukraine is preparing a roadmap for joining the EU conventions "On simplification of formalities in trade of goods" and "On procedure of common transit."

At the meeting with the EU Commissioner Klimenko also said that Ukraine had adopted and started the implementation of Law on transfer pricing, which is aimed against hiding of income abroad and tax evasion in the country of revenue.

More taxes were collected this year as GDP fell than last year. The tax revenues helped to stabilize positive economic trends, providing VAT refunds ahead of business demand. As of Oct. 1, 2013, companies applied for refund of 39 billion UAH, while VAT was refunded to the amount of nearly 42.8 billion UAH. Eompanies with European capital have been repaid 14.7 billion UAH. This is up 50%, year-on-year. Half of reimbursement (7.3 billion UAH) was received automatically by companies with European investments.

Experts say the Law on transfer pricing, which was adopted and came into force, provides for state control over pricing of export-import transactions made by large taxpayers and eliminated their opportunity to hide income in low taxation countries. The document was drafted and submitted for discussion of business circles back in December 2012 by the Ministry of Revenue and Price Waterhouse Cooper's Company.

The Law on transfers will contribute to fight against one of major ways to minimize taxation, which is used to transfer about 100 billion UAH annually from Ukrainian taxation. First of all, this is done via sale of domestic products at reduced price and to related entities (i.e., basically, within one financial-industrial group) to countries with lower tax burden than in Ukraine. As a result, state budget does not receive 20-25 billion UAH annually.

The new law will all authorities to collect up to 20 billion UAH in additional taxes (within three years), while establishing an efficient system of transfer pricing control nationwide.

Government analysts say Ukraine has taken other steps, agreeing on measures to improve transparency and financial security. Talks are underway to exchange data with several offshore jurisdictions, including Belize, British Virgin Islands, Bermuda, Aruba, etc. is being set up.

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