Ukrainian exports through offshore companies down by 10 times

13:19, 27 November 2014
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The volume of export of Ukrainian goods through offshore zones in January-September this year fell to $334 million in monetary terms, accounting for 0.8% of total exports for the period, which is 9.7 times less compared to export volumes through offshore zones in 2013, Head of the State Fiscal Service Ihor Bilous said on Thursday.

Photo from ZN.UA

"Over the same period of 2013, exports of goods through offshore companies reached $3.2 billion," Bilous said.

According to him, 98% of "offshore" exports went through the British Virgin Islands ($173 million), Saint Vincent and the Grenadines ($81 million), the Marshall Islands ($31 million), the Seychelles ($23 million), Saint Kitts and Nevis (US $ 13 million) and Belize ($ 9 million).

"Over 9 months exports through Cyprus has amounted to $1.2 billion, down by 42%, or $352 million, compared to the same period last year," - Bilous said.

As UNIAN reported earlier, in early 2014, Ukraine as a member of the Secretariat of the Global Forum on Transparency and Exchange of Information for Tax Purposes, was able to establish mutual tax cooperation with a number of offshore jurisdictions. Among them are Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, the Isle of Man (UK), Aruba, Curacao, Sint Maarten (Netherlands), the Faroe Islands and Greenland (Denmark), as well as Montserrat and the Turks and Caicos, where the convention is already in force.

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