Deputy Minister of Finance Olena Makeyeva discussed current issues of international taxation with members of the US Chamber of Commerce

3/31/16

On March 30, Deputy Minister of Finance Olena Makeyeva met representatives of the member companies of the US Chamber of Commerce in Ukraine to discuss current issues of international taxation and adjustment of the Ukrainian legislation to the EU regulations.

Olena Makeyeva reported that the Ministry of Finance had taken into account the latest global developments and the Standard convention of the OECD on income and capital taxation as well as the World Bank report for 2014 and elaborated its own strategy to revise international conventions on the avoidance of double taxation signed by Ukraine as well as to negotiate new treaties with EU countries aimed to attract foreign investments. It is planned to start negotiations soon on the revision of conventions between Ukraine and the Netherlands, Great Britain, Belgium, Switzerland and Austria.

Also, the Ukrainian Parliament is expected to ratify the Convention between Ukraine and Malta on the avoidance of double taxation (draft law No. 0054 dated July 23, 2015).

In regard to the signing the Multilateral treaty of responsible authorities about automatic exchange of data on financial accounts Olena Makeyeva informed that procedure issues are being settled now in the course of preparation to the signing.

Special attention during the meeting was paid to the Treaty between the Governments of Ukraine and the USA on the improvement of compliance with international tax regulations and compliance with the US Foreign Account Tax Compliance Act (FATCA).

The participants of the meeting emphasized the importance of steps aimed to ensure the further implementation of transparent tax regulations based on best international practices and agreed to continue cooperation in this area.

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