Kiev agreed with the Cyprus government on the revision of the rates in the framework of the Convention on avoiding double taxation, said the Minister of Finance of Ukraine Natalie Jaresko.
The Convention was signed on 8 November 2012 in Nicosia. This contract gives opportunities without taxation to Cyprus a significant sum of money, and the majority of Ukrainian enterprises apply this mechanism to minimize payments to the state Treasury.
"After long negotiations we have finally taken an important step in the battle with the withdrawal of capital in the offshore: agreed with the Cyprus government on the revision of the rates under the Convention on avoidance of double taxation with the country. These tax rules are consistent with the recommendations of the OECD (Organisation for economic cooperation and development), " wrote Jaresko on his page on the Internet.