On September 27, the Minister of Finance of Ukraine, Alexander Danilyuk, met with the representatives of the Organization for Economic Cooperation and Development (OECD) to discuss the implementation of the Action Plan on Base Erosion and Profit Shifting (BEPS) and joining of Ukraine to the automatic exchange of information between fiscal authorities (AEOI standard). With this visit, the OECD representatives launched the first common program for the implementation of the international standards for information exchange and BEPS activities.
According to Alexander Danilyuk, the Ministry has developed a detailed Roadmap for the introduction of the Minimum Standard of the Plan, according to which Ukraine will join the MLI (Multilateral Instrument) before the end of this year.
The implementation of the Steps 6 and 14 of the Minimum Standard of the Plan will contribute to improving the mechanisms for combating the artificial use of the additional benefits of the international conventions in order to exempt profits from taxation. The corresponding amendments will be introduced in more than 60 existing international conventions on the avoidance of double taxation.
It is also worth noting that in 2020, an automatic exchange of information on financial accounts of non-residents under the international standard (Common Reporting Standard) initiated by the OECD and approved by the G20 will begin. The first exchange of tax information will take place at the end of 2019. According to the words of the Minister of Finance, this date is quite realistic, but until that time Ukraine should make certain changes in the legislation and ensure high standards of confidentiality and safety of the information received. By introducing a new standard, Ukraine will join more than 100 countries of the world that have already taken this step. The representatives of the OECD have accepted this decision positively and expressed their willingness to cooperate and provide expert assistance.
Ukraine Will Join Automatic Exchange of Information between Fiscal Authorities (AEOI standard)
On September 27, the Minister of Finance of Ukraine, Alexander Danilyuk, met with the representatives of the Organization for Economic Cooperation and Development (OECD) to discuss the implementation of the Action Plan on Base Erosion and Profit Shifting (BEPS) and joining of Ukraine to the automatic exchange of information between fiscal authorities (AEOI standard). With this visit, the OECD representatives launched the first common program for the implementation of the international standards for information exchange and BEPS activities.
According to Alexander Danilyuk, the Ministry has developed a detailed Roadmap for the introduction of the Minimum Standard of the Plan, according to which Ukraine will join the MLI (Multilateral Instrument) before the end of this year.
The implementation of the Steps 6 and 14 of the Minimum Standard of the Plan will contribute to improving the mechanisms for combating the artificial use of the additional benefits of the international conventions in order to exempt profits from taxation. The corresponding amendments will be introduced in more than 60 existing international conventions on the avoidance of double taxation.
It is also worth noting that in 2020, an automatic exchange of information on financial accounts of non-residents under the international standard (Common Reporting Standard) initiated by the OECD and approved by the G20 will begin. The first exchange of tax information will take place at the end of 2019. According to the words of the Minister of Finance, this date is quite realistic, but until that time Ukraine should make certain changes in the legislation and ensure high standards of confidentiality and safety of the information received. By introducing a new standard, Ukraine will join more than 100 countries of the world that have already taken this step. The representatives of the OECD have accepted this decision positively and expressed their willingness to cooperate and provide expert assistance.