Ukraine intends to join Global Forum on transparency and exchange of information for tax purposes
Powers to sign a corresponding letter to the Head of the Secretariat of the Global Forum were granted to the Minister of revenue and duties Oleksandr Klymenko by the President of Ukraine Viktor Yanukovych.
"Our country joining the Global Forum will increase transparency in the Ukrainian tax system both for investors and for partner countries. World states are actively working on exchange of information on financial flows, shadow schemes of tax evasion. And Ukraine is in this sense within a global trend. In combination with the law on transfer pricing, this step will allow us to close the schemes on minimizing tax liabilities due to the withdrawal of profits and low tax offshore jurisdictions", Oleksandr Klymenko stressed.
The possibility of Ukraine’s membership in the Global Forum was discussed at the meeting of the Minister of revenue and duties Oleksandr Klymenko with EU Commissioner for Taxation, Customs Union, Audit and Anti-Fraud Algirdas Semeta in Brussels in June 2013.
Global Forum is a multilateral structure established by the decision of the Organization for Economic Cooperation and Development in 2009. Forum has 120 members, including all the countries of G20, OECD countries, international financial centers and developing countries.
This organization is authorized by G20 countries to facilitate the effective application of international standards on transparency and exchange of information for tax purposes, the unification of international efforts to combat avoidance or tax evasion, illegal financial flows. The forum performs peer review, involving evaluation of the process of implementing by each member country of international standards for transparency and exchange of information. In addition, the Global Forum provides technical assistance in the implementation of such standards.
