First Deputy Prime Minister of Ukraine - Minister of Economy of Ukraine Oleksiy Lyubchenko held a meeting with the leadership of the US Internal Revenue Service (IRS). Attendees from the IRS side were: the Commissioner of Internal Revenue Charles Rettig, Deputy Commissioner for Operations Support Jeff Tribiano and Deputy Commissioner for Services and Enforcement Douglas O’Donnell.
During the meeting, Oleksiy Lyubchenko stressed Ukraine's intention to develop the electronic exchange of tax information within the framework of signing a Tax Information Exchange Agreement or similar agreement based on Article 26 of OECD Model Tax Convention on Income and on Capital.
"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 American counterparties," the First Deputy Prime Minister underlined.
Moreover, Oleksiy Lyubchenko placed an emphasis on the need to exchange experience in the field of tax investigations, including in view of the created line department in the State Tax Service of Ukraine.
Charles Rettig expressed his intention to assist the Ukrainian side not only in the exchange of tax information but also in the exchange of experience. The Head of the IRS 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.
The sides dwelled on the special importance and historicity of this meeting, as the Ukrainian side met with the IRS leadership for the first time since Ukraine's independence.