KIEV, Aug. 27 – The Finance Ministry has proposed to devise common rules of transfer pricing during fund transfer transactions in the Tax Code and introduce them on January 1.

"The code gives a notion of transfer pricing, sets mechanisms for tax supervision over transfer pricing, and defines transactions to be supervised and methods of defining the price in deals under control. It also gives the right to large taxpayers to preliminarily agree prices in the deals with the central body of the State Tax Service for a certain period of time," reads an explanatory note to the draft.

According to the document, the State Tax Service supervises prices via monitoring of transactions and conducting checks.