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The president of Ukraine Viktor Yanukovych has signed the law on ratification of the convention between the government of Ukraine and the government of Cyprus for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income and its protocol.

The law was approved by the Ukrainian parliament on 4 July 2013.

The double tax agreement will enter into force when written notices of ratification have been exchanged and will have effect from the following 1 January. Until then the double tax agreement between the USSR and Cyprus will apply.

The Convention and Protocol, signed on November 8, 2012 in Nicosia, aim at establishing effective bilateral contractual basis for avoiding double taxation and preventing tax avoidance in regard to tax on income in relationships between Ukraine and the Republic of Cyprus.

The new agreement retains the beneficial features of its predecessor, especially regarding the taxation of capital gains on disposal of shares, and maintains Cyprus’s status as among the most favourable of Ukraine’s treaty partners.

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