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In response to the article Ukraine: will new tax law hit the oligarchs? published in the FT on July 10, 2013, I would like to clarify a few points about Ukraine’s new transfer pricing control legislation.
Amendments to the Law on Transfer Pricing adopted by the Parliament do not distort the original intent of the initiative; the “place of profit” for transnational corporations who have production facilities in Ukraine should correspond to the location of these facilities and product manufacture.
In other words, the law aims to remedy the situation when Ukrainian subsidiaries of financial and industrial groups are operating on the verge of bankruptcy while all the profits are transferred to the so-called jurisdictions of preferential taxation, a practice also known as offshore profit shifting."
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