New Ukrainian laws (Law 466) introducing significant international tax and transfer pricing changes, mostly implementing BEPS initiatives, enter into force January 1, 2021. However, many of Law 466’s provisions became effective May 23, 2020.
The new laws contain a variety of new concepts, terms, and obligations affecting Ukrainian businesses and multinational companies. Existing financing or corporate structures may appear inefficient under the new rules. Further analysis to understand the impact of these laws is advisable as noncompliance might result in material fines for businesses.
Multinationals doing business in Ukraine should consider immediately adopting new measures intended to achieve compliance while maintaining efficiency in their business. Steps to consider include: