Poroshenko plans to make it impossible to use offshore accounts in Ukraine

17:04, 07.04.2016 1 min read

Ukrainian President Petro Poroshenko has taken the initiative to to eliminate the use of offshore accounts in business turnover in the country.

"I plan to carry out a large-scale reform that can make it impossible to use offshore accounts in Ukraine," he said at a press conference in Tokyo.

"And it's an important part of future reforms - this is transparency, openness and understandable steps for transparency and complete trust," the head of state said..

Financial Advisor to Poroshenko, Managing Director of ICU Investment Company Makar Paseniuk previously reported that the president supports Controlled Foreign Company rules (CFC), which are already stipulated in the legislation of 38 countries, and could initiate their implementation in Ukraine.

"The rules are as follows: no matter where the property is registered, if the company is recognized as an offshore controlled company, the beneficiary of this company continues to pay taxes in his country as if he would have owned assets or received income directly," Paseniuk said.