Employees of the Transfer Pricing Department of the State Tax Service of Ukraine held a working meeting with Office of Technical Assistance of the US Treasury Department in the Chisinau city (Republic of Moldova) from March 20 to 24, 2023.
International meeting was held to discuss a number of international best practice issues to facilitate cross-border audits. Consideration of topic was carried out on the basis of report of Ukrainian delegation.
Acting Deputy Head of the State Tax Service of Ukraine Yevhenii Sokur remotely joined at the beginning of video meeting with words of greetings. First of all, he expressed his gratitude for support of Ukraine and for organization of this event.
"We are glad to share our ten-year experience, achievements and developments in the transfer pricing sphere and are ready for effective cooperation with Moldovan colleagues in the future. At the same time, such a tool as taxation of controlled foreign companies in Ukrainian legislation began to operate quite recently, namely from 2022, and is currently in its formation period, so we are grateful to the Office of Technical Assistance of the US Treasury Department for its support in this matter" – noted Yevhenii Sokur.
During a week, specialists of the Transfer Pricing Department, headed by Director Kateryna Ryzhenkova, shared their own experience in the transfer pricing sphere and demonstrated progress in development of not only regulatory and legal base, but also implementation of successful cases regarding compliance with the “arm's length” principle after all, since the beginning of 2023, colleagues from Moldova have only begun to actively implement transfer pricing norms and international taxation into their legislation.
Ukraine, as a candidate for the EU membership, faces important work on implementation of the EU standards into national legislation, so experience and advice of American colleagues, in particular in matters of controlled foreign companies, is extremely useful. Therefore, through a week, advisors of the Office of Technical Assistance of the US Treasury Department conducted educational seminars for Ukrainian delegation on the control of controlled foreign companies, provided examples of changes in the US legislation on controlled foreign companies and taught practical steps to identify controllers of controlled foreign companies.
Meeting was productive for all its participants.