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70-75% of Ukrainian goods exported under indirect contracts in Jan-Sept 2016 - Fiscal Service

70-75% of Ukrainian goods exported under indirect contracts in Jan-Sept 2016 - Fiscal ServiceSome 70-75% of Ukrainian goods were exported under indirect contracts in January through September 2016. These contracts help to remove profit from the country, Head of the Office of Large Taxpayers of the State Fiscal Service of Ukraine Yevhen Bambizov has said.

"If we take the entire imports for the nine months, it totals some UAH 360 billion and 46% of imports contracts are indirect. As for exports, some 70-75% of goods out of UAH 400 billion are exported under indirect contracts. This is three-fourths," the official said.

He said that closing loss from these transactions is worth hundreds of millions of hryvnias.

"We see the largest activities when indirect contracts are signed. It is when a contract is signed with one company registered, for example, in Switzerland, goods are delivered to the company with the smallest markup and then the Swiss resident resells the goods with a larger markup. Main profit remains in Switzerland," Bambizov said.

He recalled that some countries have the official offshore status under government resolutions. There are countries that are not offshore zones, but they have lower rates or more flexible taxation system: the leader in the number of registered ownership rights in the world is Switzerland (60%).

He said that the problem could be solved thanks to amendments to legislation, in particular, by the introduction of restrictions on operations of Ukrainian companies with offshore companies or companies that are registered in jurisdictions with lower taxes.

He said that the introduction of the tax on cooperation with offshore companies is possible.

The Office of Large Taxpayers has 2,200 taxpayers who replenish the general fund of Ukraine's national budget by 60%.
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