Law Amending the Tax Code of Ukraine for Implementation of International Anti-Corruption Standards in Accordance with OECD Recommendations. The main purpose is to prevent the use of tax mechanisms for concealing bribes to foreign officials in international business operations.
Structurally, the law introduces amendments to the Tax Code of Ukraine and related laws, establishing a prohibition on classifying any payments qualified as bribes to foreign officials as tax expenses. Additional requirements for documentary confirmation of expenses in international operations are also introduced.
Key innovations:
– Prohibition of including payments with signs of bribes in tax expenses
– Enhanced requirements for documentary confirmation of expenses in international operations
– Expansion of tax authorities’ powers to verify international transactions for detecting hidden bribes
