Minister of Finance: Ukraine will revise tax treaties to address 'deoffshorization'

The new Minister of Finance of Ukraine, Alexander Danyluk, announced a review of bilateral tax treaties. This will be done to address deoffshorization.

Ukraine, within the framework of deoffshorization, plans to review bilateral tax treaties, reported the Minister of Finance Alexander Danyluk.

"Only three agreements between Ukraine and other countries meet the requirements. In addition, we will improve transfer pricing rules and the related reporting," Danyluk wrote on his Facebook page on Wednesday, April 20, after a meeting of the National Reforms Council.

The official said that the work will be done to join Ukraine to the Multilateral Agreement for the exchange of information that will allow quick sharing of financial accounting data and effectively prevent tax evasion.

Also, a gradual revision of Ukrainian bilateral agreements for the avoidance of double taxation, in accordance with the principles of the Organisation of Economic Cooperation and Development (OECD), is planned.

After the publication of the "Panama Papers",  hundreds of cases of possession of offshore companies by leading world politicians, athletes and people from show business were exposed. According to these documents, the President of Ukraine, Petro Poroshenko, also owned several offshore companies.

  Ukraine, anti-corruption, Economy