On 8 September 2015, the Cyprus Ministry of Finance published an official press release announcing the conclusion of a Protocol between Cyprus and Ukraine amending the Convention for the Avoidance of Double Taxation after it expires.
According to the press release: "Negotiations for the protocol took place on 2 July 2015 at the Ministry of Finance of the Republic of Cyprus, concluding a Protocol that will amends the Convention for the Avoidance of Double Taxation and the prevention of fiscal evasion with respect on taxes on income, when it expires.
During the negotiations a most favourable nation clause has been agreed, for the taxes on interest, dividends, royalties and capital gains. This clause is considered of high importance as Cyprus will be treated equitably with other jurisdictions.
The text has been agreed between the two negotiating teams of the Contracting States and will contribute to further developing the trade and economic links between Cyprus and the Government of Ukraine, as well as with other countries.
Upgrading and expanding the network of Double Tax Conventions is of high economic and political importance and aims to further strengthen and attract foreign investment in Cyprus, as its standing as an international business center is elevated".
More information will be posted once the details of the amendments of the treaty become publicly.
To read the official press release please click here.
More information:
Do you want to establish a company in Cyprus? Our
Cyprus company formation page explains it all.
Interested in opening a bank account in Cyprus?
Cyprus bank account opening and
Eurobank Cyprus offshore banking.