On 15 July 2015, the Ukrainian parliament adopted amendments to the country's transfer pricing rules. The main amendments include changes to controlled transaction thresholds, penalty adjustments and others. Non-Application to VAT Clarified The amendments clarify that the transfer pricing rules apply only to corporate income tax and not value added tax (VAT). Thresholds for Controlled Transactions Increased The thresholds for recognition of transactions as controlled are as follows: The taxpayer and/or the related party's annual income exceeds UAH 50 million (increased from UAH 20 million), and The value of the annual transactions with the related party exceeds UAH 5 million...