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Singapore, Mauritius Added To Ukraine's TP Control List

by Lorys Charalambous, Tax-News.com, Cyprus

04 January 2018


The Government of Ukraine has included Singapore, Mauritius, and seventeen other nations in its list of tax jurisdictions whose transactions are subject to additional transfer pricing controls.

Singapore and Mauritius were newly added to the list on January 3, 2018, along with the Commonwealth of Dominica, Cuba, the Dominican Republic, Estonia, French Guiana, Georgia, Guadalupe, Guatemala, Hungary, Iran, Laos, Latvia, Lebanon, Malta, Mauritius, Monaco, Morocco, Singapore, and the United Arab Emirates.

In preparing the list, the Government of Ukraine looks at whether a particular territory has a corporate income tax rate that is five or more percentage points lower than in Ukraine (that is, lower than 13 percent); whether it has entered into a tax information exchange agreement with Ukraine; and whether the territory exchanges tax and financial data with Ukraine in a timely manner.

Placement on the list exposes transactions, including non-related party transactions, to increased transfer pricing scrutiny. Transactions with agents registered in a country included in the list are subject to transfer pricing scrutiny starting from January 1 of the reporting year following the calendar year in which this country was included in the list.

The list now features 85 territories.

TAGS: compliance | tax | investment | business | tax compliance | tax avoidance | law | ministry of finance | tax authority | agreements | multinationals | tax planning | transfer pricing | tax reform | trade | Ukraine | BEPS

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