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News / 27 December 2013 | 11:20
Ukraine identifies low taxation countries for tax optimization emulation

Ukraine identifies low taxation countries for tax optimization emulation


The government has approved the list of countries where the income tax is lower than in Ukraine by 5 or more per cent. Due to the list, the law on transfer pricing which ensures budget revenues around 5 - 12 billion UAH annually will become fully operational, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.

On Wednesday, the Cabinet identified a list of low taxation countries to be monitored for tax optimization schemes. Income tax rate in these countries is lower than in Ukraine by 5 or more per cent. There are 73 countries like that in total, among them: Belize, Bahrain, Albania, British Virgin Islands, Georgia, Ireland, Kyrgyzstan, Cyprus, Liechtenstein, Macau, Malta, Moldova, United Arab Emirates, Panama, Paraguay, Seychelles, Singapore, Sudan, Uzbekistan, Montenegro, the Swiss Confederation, Jamaica.

In order to identify the countries operations with which require more attention from the Ministry of Revenue and Duties of Ukraine, corporate taxation legislation of 220 countries has been analyzed. This is the second revision of the list developed by the Ministry of Revenue. 92 countries have been excluded from the previously agreed list. Among them: Lithuania, Latvia, Germany, Turkmenistan, Belarus and others.

The government has taken this step to ensure enforcement of the "Law On amending Tax Code of Ukraine regarding transfer pricing," approved on  Sept. 1, 2013. By identifying countries with lower tax rates, the government has set a starting point for enforcement of the law. According to the law, the Ministry of Revenue and Duties will monitor foreign trade operations for over 50 million UAH.

Experts note that the law will help ensure real investments for the Ukrainian economy by eliminating tax optimization schemes. The Law in action is already visible in the exports statistics.
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