First Deputy Prime Minister - Minister of Economy of Ukraine Oleksiy Lyubchenko met with the leadership of the US Internal Revenue Service (IRS). On the IRS side were IRS Chief Charles Rettig, Deputy Operations Support Jeff Tribbiani and Deputy Services and Enforcement Douglas O'Donnell.
During the meeting, Oleksiy Lyubchenko announced Ukraine's intention to develop electronic exchange of tax information within the framework of the signing of the Tax Information Exchange Agreement or a similar transaction based on Article 26 of the Model Convention of the Organization for Economic Cooperation and Development (OECD) on the exchange of information in the field taxation.
“The importance of such an exchange can hardly be overestimated, because, for example, transactions amounting to almost 3.5 billion US dollars with 152 American counterparties fall under the transfer pricing norms,” said Alexey Lyubchenko.
The First Vice Prime Minister - Minister of Economy of Ukraine also noted the need to exchange experience in the field of tax investigations, including taking into account the creation of a specialized subdivision in the State Tax Service of Ukraine.
Charles Rettig expressed his intention to assist the Ukrainian side not only in the exchange of tax information, but also in the exchange of experience. The head of the IRS noted the growing role of the analytical component in the work of the Service, as well as the importance of raising awareness among the population to create a new paradigm for the perception of the tax service as a body serving all the functions of the state.
The parties noted the particular importance and historicity of this meeting, because the Ukrainian side first met with the leadership of the IRS since the independence of Ukraine.
