Rada lifts fines for hidden offshore until end of war

The Verkhovna Rada has abolished fines for hidden offshore until the end of the war.

The corresponding amendment to bill No. 10168-2 was supported by 232 parliamentarians with the minimum required 226, Ukrainian News Agency reports.

The adopted amendment to the document abolishes fines for failure to submit reports on controlled foreign companies until the end of martial law.

In addition, it is allowed to provide transfer pricing reporting prepared according to the legislation of the country of registration of a controlled foreign company, as well as clarifying the norm for taking into account interest expenses of controlled foreign companies.

As Ukrainian News Agency earlier reported, on May 1, a campaign to declare citizens' incomes for 2023 was completed in Ukraine, during which citizens filed reports on incomes and controlled foreign companies.

In case of failure to provide information, a person faced a fine of more than UAH 300,000.