Ukraine may be included in EU's offshore list

Ukraine may be included in the offshore list of the European Union states if it fails to ratify the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the Multilateral Instrument) to prevent double taxation.

Read alsoPoroshenko speaks of tax amnesty

"Ukraine must ratify the MLI agreement by the end of the year, otherwise it may get into the EU's offshore list," Ukraine's Finance Ministry said in a statement.

The ministry noted that by acceding to the MLI agreement, the country would be able to simultaneously make changes to all or some of the existing Double Taxation Conventions. This agreement is part of the Action Plan on Base Erosion and Profit Shifting (BEPS).

The ministry is now expecting the president will authorize it to sign the agreement. After that, it must be ratified by the parliament.