: :inin Kyiv (EET)

Central bank, fiscal service to cooperate on business deoffshorization in Ukraine

The National Bank of Ukraine (NBU) is ready to start cooperation with the State Fiscal Service in the area of business deoffshorization in Ukraine, the regulator reported on its website referring to results of a trilateral working meeting of the NBU management with the State Fiscal Service and the Antimonopoly Committee.
According to the NBU, the meeting focused on the development of a joint strategy for transfer pricing and deoffshorization of Ukrainian businesses.
”Deoffshorization should not `destroy` business, yet doing business should be transparent. Therefore, to identify the ultimate beneficiaries of offshore companies is of strategic importance for the country,” NBU Governor Valeriya Gontareva said.
According to her, ”EU countries have already embarked on this path” complying with the requirements of the Base Erosion and Profit Shifting Project of the Organization for Economic Cooperation and Development.
In turn, Head of the State Fiscal Service of Ukraine Roman Nasirov supported the idea of developing a common deoffshorization concept.
”We are ready to share our practices with the National Bank and fully support the need to hammer out a common concept,” he said.
The new deoffshorization concept will be used in the process of developing a relevant draft bill and new forex regulations by the central bank, as reported.
In addition, the parties agreed to share information on the operation of the financial sector, discussed transfer pricing issues, and stressed the need for joint efforts to prevent activity of illegal conversion centers and currency exchange booths.
It is also reported that the next meeting, planned to be held in few weeks, will be devoted to a more detailed discussion of the new concept that deals with deoffshorization of Ukrainian business.
As UaPosition reported earlier, the State Fiscal Service stated that, in accordance with the transfer pricing regulations, the financial results before tax have been increased by Ukrainian taxpayers by almost UAH 913.9 million.
Earlier, the Economic Development and Trade Ministry of Ukraine said that 41% of Ukraine`s economy operates in the shadows, according to the ministry`s estimates.


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