The National Bank of Ukraine is willing to announce a foreign exchange amnesty, under which individuals declaring ownership interests in companies they control (CFC) will be held indemnified against penalties for violating a cross-border foreign investment regime and an ownership interest in the CFC legalization.
In addition, the NBU supports the introduction of a «one-time declaration». This internal regulatory step will facilitate further monetary liberalization.
It shall be noted, the NBU encourages businesses to disclose their control over foreign companies, whilst the below mentioned BEPS principles implementation:
— introducing controlled foreign companies rules (require resident individuals to disclose their shares in/control over foreign companies);
— imposing limitations for expenses in the related party transactions;
— preventing the abuse of double tax treaties;
— preventing the artificial avoidance of permanent establishment status;
— introducing country-by-country reporting for multinational groups (source: NBU).