Ukraine to strengthen cooperation with U.S. Internal Revenue Service

Ukraine intends to develop the electronic exchange of tax information with the U.S. Internal Revenue Service (IRS).

According to Ukrinform, this issue was discussed at a meeting between Ukraine's First Deputy Prime Minister, Economy Minister Oleksiy Liubchenko and the IRS management, the Ukrainian Economy Ministry's press service reported.

During the meeting, Liubchenko announced Ukraine's intention to develop the electronic exchange of tax information as part of the signing of a Tax Information Exchange Agreement or a similar agreement, based on Article 26 of the OECD Model Tax Convention regarding the exchange of tax information.

"The importance of such an exchange is difficult to overestimate, because, for example, transfer pricing rates cover transactions worth almost $3.5 billion with 152 U.S. counterparties," Liubchenko said.

He also emphasized the need to exchange experience in the field of tax investigations, including in view of the established unit in the State Tax Service of Ukraine.

The U.S. side, in turn, pledged to assist the Ukrainian side not only in the exchange of tax information, but also in the exchange of experience. The head of the U.S. Internal Revenue Service, Charles Rettig, noted the growing role of the analytical component in the work of the Service, as well as the importance of raising public awareness to create a new paradigm of perception of the tax service as a body that serves all functions of the state.

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