For the first time, Ukraine will exchange tax reports with other countries based on the results of 2024 within the framework of the international system of automatic exchange of tax information Country-by-Country Report. She reported about it press office Ministry of Finance of Ukraine.
The year 2024 will be the first reporting period during which Ukraine will implement the exchange of reports across countries, which will allow for a more transparent tax environment. The Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (CbC) entered into force in July 2024, which was an important step towards tax transparency.
More than 100 countries of the world have already joined the international system of automatic exchange of reports, and now Ukraine is becoming part of this global initiative.
The Ministry of Finance emphasizes that participation in this system will contribute to improving the image of Ukraine as a reliable partner in international tax relations. The exchange of reports across countries is part of Ukraine’s obligations under Step 13 of the Minimum Standard of the BEPS Action Plan – an international set of rules aimed at strengthening the tax base.
This reporting will allow the Ukrainian tax authorities to receive detailed information about the activities of international groups of companies in different jurisdictions, which is key for controlling transfer pricing. The Ministry of Finance emphasizes that reporting by country is part of a three-level transfer pricing documentation system, which also includes local and global documentation.
