LAW OF UKRAINE

of May 13, 2014 No. 1260-VII

About introduction of amendments to the Tax Code of Ukraine concerning enhancement of transfer pricing

The Verkhovna Rada of Ukraine decides:

I. Bring in the Tax code of Ukraine (Sheets of the Verkhovna Rada of Ukraine, 2011, Art. No. No. 13-17, 112) the following changes:

1. In subitem 39.2.1 of Item 39.2 of Article 39:

in subitem 39.2.1.2 the word "transactions" shall be replaced with words "economic activities";

in subitem 39.2.1.4 the word "Transactions" shall be replaced with words "Economic activities", "committed" to replace the word with the word "such", and shall be replaced with words the words "for the corresponding calendar year" "for the corresponding accounting calendar year".

2. In Item 120.3 of Article 120:

in paragraph three to replace figure and the words "5 percent of total amount of controlled transactions" with figures and the words "100 sizes of the minimum wage established by the law for January 1 of tax (reporting) year";

in paragraph four of figure and the word "100 sizes of minimum wage" to replace with figures and the words "10 sizes of the minimum wage established by the law for January 1 of tax (reporting) year";

add with the paragraph of the following content:

"Payment of such financial sanctions (penalties) does not exempt the taxpayer from obligation of submission of the report (declaration) of rather controlled transactions and/or documentation determined by subitem 39.4.8 of Item 39.4 of article 39 of this Code".

3. In Section 10 of the Section XX "Transitional provisions":

state Item 20 in the following edition:

"20. Penalties for the mistakes made when calculating monetary commitments according to regulations of article 39 of this Code from September 1, 2013 till December 31, 2014 are applied in the amount of 1 hryvnia for each violation.

In case of independent adjustments of the tax liabilities for the purpose of transfer pricing by results of application of article 39 of this Code from September 1, 2013 till December 31, 2014 penalties, stipulated in Article the 50th of this Code, are not applied";

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