Serhii Verlanov had a meeting with representatives of American Chamber of Commerce in UkraineChapter: News

Chairman of the STS Serhii Verlanov spoke about the current reformation process of the State Tax Service, plans and measures aimed to simplify tax payments, improve tax administration and the innovations expected in the near future during the meeting with representatives of American Chamber of Commerce in Ukraine.

Chairman noted that over the last 8 months the STS has been able to take effective steps forward. Serhii Verlanov called demilitarization as one of important aspects in the reformation process of the State Tax Service. Tax specialists managed to organize their work effectively, changing their approaches and benchmarks. Right due to the improved quality of analytical work, the STS has fully ensured budget revenues in 2019.

In addition, the STS managed to resolve issue of the VAT reimbursement effectively. As of today, all amounts are reimbursed in accordance with the law. Serhii Verlanov also emphasized that currently big attention is paid to combating the creation of bogus tax credit.

“We are actively counteracting the tax wells and converters, for which we’re greatly criticized. But figures speak for themselves – having improved the VAT administration, we provide additional 1.5 - 2 billion UAH of the budget revenues each month. Of course, not everyone likes this fact” – emphasized Serhii Verlanov.

During the meeting Chairman of the STS also noted that the Tax Service is actively involved in measures initiated by the Ministry of Finance of Ukraine regarding the implementation of the tax reform, simplification of tax procedures and improvement of tax administration.

Particularly, the STS specialists jointly with representatives of the Ministry of Finance, Ministry of Social Policy and Pension Fund, develop the unified forms for reporting of the single social contribution to compulsory state social insurance and personal income tax.

In total, the diagnostics of the tax system and development of suggestions for its reform, revision of the environmental tax, implementation of the BEPS action plan, improvement of procedures for taxation of the real estate (land plots), as well as taxation of retained earnings of foreign companies (structures) at the level of their controlling entities are planned for 2020.

In addition, algorithm of actions of the STS bodies aimed to improve control over the transfer pricing will also be developed.

In turn, representatives of American Chamber of Commerce in Ukraine noted that the State Tax Service has become a predictable and reliable partner for business and also emphasized the importance of ongoing business dialogue and executive power. Specifically for ensuring coordination in the direction of tax system’s reformation process, improving the Ukrainian business environment and ensuring that all market participants have a legal field.