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Adoption of entire package of BEPS bills to activate currency liberalization

Also, Churiy added that the entire BEPS package needs to be adopted with capital amnesty.
16:02, 5 March 2018

112 Agency

The adoption of the entire package of BEPS (Base Erosion and Profit Sharing) bills will allow the National Bank of Ukraine to activate the currency liberalization process, the deputy chairman of the regulator Oleh Churiy said, Interfax-Ukraine reports.

Related: What can cause inflow of foreign direct investment to Ukraine?

“Generally, (during a meeting of the National council of reforms on 3 March) we discussed the idea of passing not just the required BEPS package Ukraine has committed to introducing, but the entire BEPS package. This would allow us to make the liberalization process more actively, since nowadays we see a situation, where it will become difficult for us to lift restrictions without exchanging tax information, especially for investment in Ukrainian enterprises, as well as for outward investment”, - he said at a press conference in Kyiv on Monday.

Related: Why Ukraine didn't become investment Mecca?

Also, Churiy added that the entire BEPS package needs to be adopted with capital amnesty. “It will probably be rather difficult to gain the support of members of parliament on exchanging tax information, as well as on capital amnesty at the same time. According to the estimates by the National Bank of Ukraine, the BEPS package should be adopted with capital amnesty or the so-called “zero declaration”, - he said.

Related: Ukraine’s shortage of investment puts rebound at risk – Financial Times

 “The minimum BEPS package needs to be adopted, because if it does not, we will face certain FATF sanctions”, - he said.

BEPS is the OECD’s action plan on combating the erosion of taxable base and profit deduction.

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