The National Bank of Ukraine (NBU) and the Ministry of Finance of Ukraine in partnership with the Organization for Economic Co-operation andDevelopment (OECD), the United States Agency for International Development (USAID), and the World Bank will hold #BEPSinUA for the first time: Forum On International Tax Co-operation. The event will take place on 1 November 2018 in Kyiv.
As the world has become increasingly globalized, borders for financial flows have vanished, and today each and every country faces a need to fight for financial stability not only at national, but also at global level. Each year, tax avoidance strategies, based on base erosion and profit shifting (BEPS), cause loss of budgets of different countries around the world in the amount of USD 100-240 billion which corresponds to 4-10% of global income from corporate income tax. As a response to this OECD and G20 launched BEPS Action Plan in 2015. It equips the governments with the necessary legal, administrative and IT toolkits to close the gaps and mismatches in tax international rules that allow corporate profits to disappear or be artificially shifted to low or no tax environments, where companies have little or no economic activity.
Ukraine also has been working on this issue since 2016. This week, the Ministry of Finance and the NBU promulgated a draft Law of Ukraine OnAmendments to the Tax Code of Ukraine for the Purpose of Implementing the Action Plan on Base Erosion and Profit Shifting. The document’s objective is to support Ukraine’s financial stability under transition to the free movement of capital, enhance the efficiency of tax regulation, and introduce unified requirements to business transparency in Ukraine according to international standards.
The implementation of the BEPS Action Plan in Ukraine is a top prerequisite for ensuring financial stability in the country while transitioning to the long-awaited free movement of capital. The specialized forum is another step towards the implementation of the BEPS project in Ukraine. The #BEPSinUA Forum will enable learning from the best world practices on how to tackle BEPS and enforce long-term business transparency. It will also help hearing the voice of business and banks about recent trends in the international environment and the prospects of unifying approaches to regulating international transactions and ensuring their transparency.
Opening speeches in the Forum will be delivered by NBU Governor Yakiv Smolii, Acting Minister of Finance Oksana Markarova and Head of the Secretariat, OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes Monika Bhatia.
Speakers of the event:
- Lasha Khutsishvili, Vice Minister of Finance of Georgia, ,
- Mr Dmitri Jegorov, Undersecretary for Tax and Customs Policies, Ministry of Finance (Estonia),
- Ms Nina Yuzhanina, Chair of the Committee on Taxation and Customs Policy, Verkhovna Rada of Ukraine
- Mr Serhii Verlanov, Deputy Minister of Finance of Ukraine
- Mr Yevhen Bambizov, Acting Deputy Governor, State Fiscal Service of Ukraine,
- Mr Piotr Piontkowski, Delegate at the OECD, Ministry of Finance of Poland,
- Mr David Chitaishvili, Chief of Department for International Cooperation on Taxation, Revenue Service of the Ministry of Finance of Georgia,
- Mr Michael Kiesewetter Senior tax expert at the German Federal Ministry of Finance,
- Mr. Nilimesh Baruah, Senior Adviser, Tax and Crime, International Co-operation and Tax Administration, Centre for Tax Policy and Administration, OECD and others.
Forum agenda and information on speakers is available at https://forumbeps.bank.gov.ua/. Questions on participation in the Forum can be addressed to the Steering Committee of the event at 4][email protected].
Please note, that online registration is available for media.