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Third Attempt to Terminate the Double Tax Treaty between Cyprus and the former USSR
The exlanatory note accompanying the draft law on the termination of the double taxation treaty between Cyprus and the Former USSR discloses details of the current state of negotiations between the governments of Cyprus and Ukraine in relation to the new treaty. Taxand Ukraine reviews the note and identifies the facts.
The explanatory note states that the proposal of the Cyprian Government is unacceptable for Ukraine and thus, the Cyprus/USSR double tax treaty must be terminated to put pressure on the Cyprian Government to sign the treaty in the wording originally agreed in 2007.
We recommend that in the course of fiscal reform Ukraine eliminates the preferential treaty with Cyprus dating from the Soviet era. Technically speaking the Ukraine will satisfy this recommendation if the old treaty is replaced with new one.
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