REUTERS
Thanks to the move, Ukraine will be able to simultaneously adopt necessary changes to all of its similar existing international treaties.
Oksana Markarova, who has been appointed new Acting Finance Minister of Ukraine, is now on a working visit to the UK where she will take part in the signing of a multilateral convention on the implementation of activities related to taxation agreements aimed at counteracting base erosion and profit shifting (BEPS).
Thanks to this, Ukraine will be able to simultaneously make the necessary changes to all existing international treaties on the avoidance of double taxation, according to the ministry's website.
"The signing of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI") is a step in the framework of the Action Plan for countering base erosion and profit shifting. The signing of the convention will improve the investment climate, stimulate economic growth and develop international trade," the report says.
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During the visit, Markarova will also meet with EBRD President Sir Suma Chakrabarti. The parties will discuss the Bank's new strategy in Ukraine for 2018-2023.
As UNIAN reported earlier, Ukraine joined the Organization for Economic Co-operation and Development in Europe (OECD) plan to combat tax evasion in 2017, pledging to implement its minimum standards.
On January 24, 2018, Ukraine failed to sign in Paris a multilateral convention on the implementation of measures to prevent tax evasion, the MLI (Multilateral Instrument), which, according to the Ministry of Finance, threatens to disrupt the implementation of the OECD plan and may lead to Ukraine being included in the EU's offshore list.
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By June 30, 2018, Ukraine had to independently assess the state of compliance with the minimum standard of the BEPS action plan, and by the end of the year – meet the minimum standard.