Poroshenko sets up working group to fight money siphoning from Ukraine

Ukrainian President Petro Poroshenko has signed a decree ”On measures to counter the reduction of the tax base and withdrawal of funds abroad,” the president`s press service reports.
The decree provides for the establishment of a working group to prepare draft legislation on combating reduction of the tax base and withdrawal of profits abroad. The group is to be headed by Chairman of the Verkhovna Rada Committee on Taxation and Customs Policy Nina Yuzhanina.
The decree defines the tasks of the working group's head: urgent introduction of proposals on the personal composition of the working group, providing for the involvement of members of the National Reform Council, as well as MPs, representatives of the Cabinet of Ministers of Ukraine, other public authorities, the National Bank of Ukraine, public organizations, professional associations and experts.
Taking into account international initiatives developed by the Organization for Economic Cooperation and Development (OECD), the working group should prepare the bills before June 10, 2016, regarding the improvement of control procedures for funds transfer pricing and withdrawal of funds abroad, the introduction of rules on controlled foreign companies, countering aggressive tax planning, as well as the liberalization of the forex legislation of Ukraine.
The decree aims to strengthen control over aggressive tax planning by domestic companies and provide for more business transparency in Ukraine.
According to the decree, the Cabinet of Ministers of Ukraine should immediately organize the work on Ukraine's joining the international initiatives of the OECD, in particular with respect to the automatic exchange of tax data.
The decree comes into force from the date of its publication.

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