Rada cancels fines for hidden offshore companies until the end of the war
10 May 2024 14:57
The Verkhovna Rada has cancelled fines for failure to submit reports on controlled foreign companies (CFCs) by the end of martial law. This was announced by the First Deputy Head of the Verkhovna Rada Committee on Taxation and Customs Policy Yaroslav Zheleznyak, "Komersant Ukrainian" reports
The corresponding amendment to draft law No. 10168-2 was supported by 232 MPs.
Committee Chairman Danylo Hetmantsev noted that not only were fines for failure to submit CFC reports by the end of martial law cancelled, but it was also allowed to submit transfer pricing reports prepared under the laws of the country of registration of the CFC.
“This is what the business asked for at the working groups on draft law No. 8137 and what we agreed with the Ministry of Finance,”
– Hetmantsev added.
It should be noted that on 1 May, Ukraine ended the campaign for declaring citizens’ income for 2023. Along with the income declaration, individuals had to submit a report on controlled foreign companies.
In case of failure to submit the report, the individual controller faced a fine of more than UAH 300,000, and for violation of the deadlines for its submission – up to UAH 151,000.
