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.
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