Monday, April 18, 2016

President at the meeting of the working group: Drafting de-offshoring legislation is a top priority for the state

President Petro Poroshenko held a working meeting with representatives of the government, parliament and fiscal institutions on the elaboration of legislative proposals on de-offshoring.

The President underlined his determination to make legislative amendments in the sphere of business regulation related to offshore companies and create motivations for business legalization and fair tax payment.

The Head of State emphasized that first of all Ukraine must accede to the international convention on ensuring Ukraine’s access to the accounts of non-residents. The Ministry of Finance of Ukraine and the State Fiscal Service of Ukraine must make necessary steps to sign and ratify respective agreement that will ensure access to the accounts of Ukrainian residents in foreign banks for the Ukrainian governmental bodies.

“For today, over 30 countries have joined this initiative. I am convinced that this information must be open, transparent and recorded in relevant authorities,” the Head of State stressed.

Then, it is necessary to ensure the payment of taxes by the companies owned by Ukrainian residents directly or indirectly irrespective of the country of their registration. “If a resident of Ukraine doesn’t pay taxes in Ukraine, it should be considered by the Ukrainian legislation as tax evasion and provide for respective liability,” the President said.

Petro Poroshenko notes that respective experience exists in many countries of the world and “we shouldn’t reinvent the wheel, but introduce these legislative amendments promptly”.

The President has emphasized the necessity of providing an opportunity for the Commission on Securities and Stock Market to get necessary information to prevent tax evasion.

The Head of State once again reminded the importance of judicial reform. It is particularly related to the constitutional amendments initiated by the President that will ensure renewal and reboot of the judicial corps and introduction of new judiciary standards improving the investment climate in the state.

“Those contemplating whether to vote or not should understand that the choice is not between the existing project and the one yet to be created, but between system changes and system conservation,” the President said.

Petro Poroshenko offered to involve foreign auditors in the elaboration of the mechanism that will create motivation and increase transparency, as well as prevent the growth of tax pressure. The President intends to touch upon this issue at the meeting of the National Council of Reforms.

The working groups consists of representatives of the Cabinet of Ministers, Committee on Taxation and Customs Policy of the Verkhovna Rada, National Bank of Ukraine, National Commission on Securities and Stock Market and State Fiscal Service of Ukraine.


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