CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Ukraine To Pinpoint Low Tax Countries

Ukraine To Pinpoint Low Tax Countries

by Tatiana Smolenska,, Moscow

02 January 2014

The Ukrainian Government has undertaken a comprehensive analysis of 220 countries' corporate tax regimes to improve the efficacy of its newly-implemented "Law amending the Tax Code of Ukraine regarding transfer pricing."

The law seeks to prevent tax leakage to countries with lower corporate tax rates than Ukraine. A list of 92 countries that have a corporate tax rate five percentage points lower than Ukraine's has been drawn up for increased oversight, in particular of cross-border transactions between connected parties valued over UAH50m (USD6m).

The Government believes the new transfer pricing framework, approved on September 1, 2013, is yielding results, stemming flows of income to lower tax territories. It has estimated that, when fully operational, it will boost Ukrainian corporate tax revenues by around UAH12bn annually from 2015. Preliminary estimates, published by Ukraine's Cabinet on December 26, 2013, suggest that revenues worth UAH5.7bn were secured during 2013.

"The mutual victory of business and the Ministry this year was the adoption of the draft law on transfer pricing. We are still working on its enforcement, but the protective effect is already noticeable. The exports to offshores have been halved since early 2013," Oleksander Klymenko, Minister of Revenue and Duties, reported.

TAGS: United Arab Emirates | tax | investment | business | Ireland | Kyrgyzstan | Malta | Paraguay | law | budget | Albania | Bahrain | Belize | Jamaica | Liechtenstein | Macau | Singapore | Sudan | Virgin Islands | Montenegro | enforcement | offshore | transfer pricing | Cyprus | Georgia | Moldova | British Virgin Islands | Panama | Seychelles | Ukraine | Uzbekistan | Europe

To see today's news, click here.


Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »

Stay Updated

Please enter your email address to join the mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.

To manage your mailing list preferences, please click here »