231 million UAH of the income tax was additionally accrued according to the transfer pricing audit results

Press service of the State Tax Service of Ukraine, published 05 July 2021 at 10:44 Chapter: News

Regulatory authorities did not conduct the transfer pricing audits for almost a year due to quarantine restrictions related to the COVID-19.

However, on the 3^rd of February 2021, the Cabinet of Ministers of Ukraine adopted Resolution № 89 “On reducing restriction term of the Moratorium on certain types of audits,” so a tax instrument such as transfer pricing has resumed its work.18 audits have been renewed and another 27 audits have been started on the payers’ compliance with principle of the “outstretched hand” since the 9^th of February 2021.

As of the 5^th of June 2021, the number of 10 audits has already been completed, as a result of which 231 million UAH of the income tax has been additionally accrued and losses have been reduced by more than 1.3 billion UAH.

Work in this direction continues. Specialists of the STS analyzed reports on controlled operations for 2015 – 2019 and have already selected a number of cases for further control and verification work.

Taxpayers are recommended to review their indicators once again and take an opportunity to independently adjust the price of controlled operation and amount of tax liabilities before the start of such audits, which will avoid additional penalties (financial sanctions).

Communicate with the State Tax Service remotely using the “InfoTAX” service