​The Ministry of Finance and the National Bank will for the first time host the Forum for International Tax Cooperation

The Ministry of Finance and the National Bank of Ukraine, in partnership with the OECD, USAID and the World Bank, will for the first time host #BEPSinUA: Forum for International Tax Cooperation.

The event will take place on November 1 in Kyiv.

The ongoing globalization process has removed barriers for the movement capital, which means that each country now faces the challenge to ensure its financial stability not only at the national level, but also at the global scale. The use of strategies for tax evasion based on tax-base erosion and profit shifting (BEPS) incurs losses for state budgets equal to USD 100 to 240 billion per year. This sum is equal to 4-10% of the global corporate profit tax revenues.

The tool designed to tackle this issue is the BEPS Action Plan of the OECD and G20 countries that was introduced in 2015. It equips all countries with necessary legal, administrative and IT tools to remove gaps and discrepancies in international tax regulations which can be misused to conceal corporate profits or to transfer them to low-tax jurisdictions or to tax havens where the economic activity of the respective companies are minimal or not available at all. 
Ukraine joined this Action Plan in 2016.

This week, the Ministry of Finance and the National Bank of Ukraine have presented the draft Law of Ukraine “On Amendments to the Tax Code of Ukraine to Implement the Action Plan for the Prevention of Tax-Base Erosion and Profit Shifting”. The Law is aimed to ensure the financial stability of the country on its way to the free movement of capital, to improve the effectiveness of tax regulation and to implement consolidated business transparency requirements in Ukraine in line with international standards.

The implementation of the BEPS Action Plan in Ukraine is the most important condition for keeping the financial stability of the country in its long-expected transition to the free movement of capital. The announced forum is one more step towards the implementation of the BEPS Action Plan in Ukraine. #BEPSinUA will help absorb the best international experience in encountering tax-base erosion and profit shifting as well as to ensure proper business transparency in the long run. It will also give the floor to the members of the business community and bank representatives to express their opinion on the latest international trends and prospects for the unification of the regulation approaches for international transactions and their transparency.

The Forum will be opened by acting Minister of Finance Oksana Markarova, Head of the National Bank Yakiv Smoliy and Monica, Head of the Secretariat of the Global Forum on Transparency and Exchange of Information for Tax Purposes.

The speakers of the event include:
• Sergiy Verlanov, Deputy Minister of Finance of Ukraine 
• Lasha Khutsishvili, Deputy Minister of Finance of Georgia 
• Dmytro Yegorov, Vice Chancellor of the Ministry of Finance of Estonia for Tax and Customs Policy 
• Nina Yuzhanina, Head of the Parliament’s Committee for Tax and Customs Policy (Ukraine)
• Yevgen Bambizov, acting Deputy Head of the State Fiscal Service of Ukraine
• Piotr Piontkovsky, representative of the Ministry of Finance of Poland at the OECD
• David Chitaishvili, Head of the Unit for International Tax Cooperation at the State Revenue Service of the Ministry of Finance of Georgia 
• Michael Kiesewetter, Senior Tax Expert of the Federal Ministry of Finance (Germany)
• Nidimesz Barukh, Senior Expert for Taxes and Tax Violations at the OECD Centre for Tax Policy and Administration and others.

The Forum program and information about the speakers are available at https://forumbeps.bank.gov.ua/
Questions regarding participation in the Forum can be sent to the Organisational Committee: beps.forum@bank.gov.ua
Please also note that media representatives can use the online registration form to participate in the event.