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Ukraine Ministry of Finance Issues Order Establishing CbC Reporting Procedures

On 4 February 2021, the Ukraine Ministry of Justice registered Order No. 764 of 14 December 2020, which was issued by the Ministry of Finance to establish the procedures for Ukraine's Country-by-Country (CbC) reporting requirements, which were introduced as part of Law No. 466-IX of 2020. As reiterated in the Order, the requirements apply for MNE groups with consolidated group revenue exceeding the equivalent of EUR 750 million in the preceding year, with a Ukraine taxpayer required to submit a CbC report if:

  • The Ukraine taxpayer is the ultimate parent of the group;
  • The Ukraine taxpayer has been appointed by the parent company to submit the CbC report;
  • The ultimate parent is not required to submit a report in its jurisdiction of residence and has not appointed another group member to submit the report in another jurisdiction; or
  • There is an international agreement for the exchange of information between Ukraine and the jurisdiction of the ultimate parent or other authorized reporting group member, but there is no agreement in force for CbC exchange or there is a systemic failure for exchange.

The Order also includes that the requirement to submit a CbC report applies for the first time for reporting fiscal years ending in 2021, although the requirements will not apply earlier than the year in which Ukraine signs the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports (CbC MCAA). To date, Ukraine has not signed the CbC MCAA but as long as the agreement is signed by the end of 2021, the requirements will apply from 2021.

When required, the Order provides CbC reports are due within 12 months following the end of the reporting fiscal year. If the last day of the deadline for submission of the Report falls on a weekend or holiday, the last day of the deadline is considered to be the operational (banking) day following the weekend or holiday.

The Order also provides technical specifications for the submission of CbC reports, which must be submitted electronically using an XML schema based on CbC Report XML schema V2.0 as approved by the OECD. The Order will enter into force once it is officially published.

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