Partner Vyacheslav Vlasov commented on the results of the 4th International Tax Forum

PwC Ukraine under the brand of PwC Legal was delighted to participate as a Knowledge Partner of the 4^th International Tax Forum. It was an interesting and useful industry event that provided a public venue for an open dialogue between government agencies and leading legal experts enabling them to discuss the most pressing issues impacting business and investment climate in Ukraine.

Among the topics brought up by PwC Ukraine during the discussion were the relevancy and timeliness of our country joining BEPS standards and taxation of controlled foreign companies. Ukraine can’t help but follow the global trends to fight aggressive tax planning [evasion], otherwise it may lose its competitive edge. Businesses understand this fact and expect changes in the rules of the game to come in the nearest future. At the same time, according to the survey of Ukraine’s CEOs conducted by PwC,  for 83% of the businesses the transparent and well understood tax systems is one of the major prerequisites for being able to operate in Ukraine. This factor is not to be underestimated. Therefore, the process of our country adapting to the global trends in taxation should be thoroughly thought through before being enacted into a legislation. Businesses should get reasonable time to adapt to the new rules as well as all the necessary security and confidentiality protections when disclosing the information about their overseas assets.