News / The Cabinet of Ministers of Ukraine updates itsTransfer Pricing legislation on low-tax jurisdictions
The Cabinet of Ministers of Ukraine issued an updated list of countries (territories) which fall under the criteria for transfer pricing control.

The Ukrainian legislation with Ordinance No. 449-P, dated 14 May 2015, has updated the list of countries under the following criteria:
  1. countries with the corporate profit tax rate 5 percent lower or more with respect to Ukraine
  2. countries that do not disclose ownership structure of the legal entities and/or
  3. countries that do not have international agreements with Ukraine on mutual information exchange.
The updated list includes four new jurisdictions – Austria, Turkmenistan, Niue and Hong Kong Special Administrative Region of the People’s Republic of China, increasing the number on the list up to 76. Albania was the only jurisdiction to be excluded from the list.

In light of the above, it is important to note that transfer pricing control of cross-border operations with legal entities from the countries on the list will apply in relation to corporate profit tax. Below is the updated list:

  • Andorra
  • Anguilla
  • Antigua and Barbuda
  • Aruba
  • Austria
  • Bahamas
  • Bahrain
  • Barbados
  • Belize
  • Bermuda
  • Bosnia and Herzegovina
  • British Virgin Islands
  • Brunei Darassalam
  • Bulgaria
  • Canary Islands
  • Cape Verde
  • Cayman Islands
  • Cook Islands
  • Curacao
  • Cyprus
  • French Guiana
  • Georgia
  • Gibraltar
  • Grenada
  • Guadeloupe
  • Guernsey
  • Hong Kong
  • Ireland
  • Jamaica
  • Jersey
  • Kosovo and Metohija
  • Kyrgyz Republic
  • Lebanese
  • Lesotho
  • Liberia
  • Liechtenshtein
  • Luxembourg
  • Macao SAR, China
  • Macedonia, FYR
  • Madeira, AR (Portugal)
  • Malaysia
  • Maldives
  • Malta
  • Isle of Man
  • Marshall Islands
  • Martinique
  • Micronesia, Fed. Sts.
  • Moldova
  • Montenegro
  • Montserrat
  • Morocco
  • Nauru
  • Niue
  • Northern Mariana Islands
  • Oman
  • Palau
  • Panama
  • Paraguay
  • Qatar
  • San Marino
  • Sao Tome and Principe
  • Seychelles
  • Singapore
  • St. Vincent and the Grenadines
  • St. Kitts and Nevis
  • St. Lucia
  • St. Martin (Dutch part)
  • Sudan
  • Switzerland
  • Timor-Leste
  • Turkmenistan
  • Turks and Caicos Islands
  • U.S Virgin Islands
  • United Arab Emirates
  • Uzbekistan
  • Vanuatu

If you believe that you will be affected by this legislation, we are happy to discuss with you and provide you with alternative jurisdictions where you can redomicile your businesss, such as the jurisdiction of Dubai which has not been impacted by this. For more information on how we can assist you please contact us at


More information:

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