Ukraine, Switzerland sign protocol on double taxation avoidance (Video)

The government of Ukraine has signed a protocol with Switzerland's Federal Council on the avoidance of double taxation of income and capital.

The event was broadcast live on Ukrainian President Petro Poroshenko's Facebook page.

Ukrainian Finance Minister Oksana Markarova signed the document on behalf of Ukraine.

As UNIAN reported earlier, the Cabinet of Ministers on April 4, 2018, approved a draft protocol between the government of Ukraine and Switzerland's Federal Council on amending the Convention between the government of Ukraine and the Swiss Federal Council on the avoidance of double taxation of income and capital. The document provided for an increase in the tax rates on interest and royalties from 0% to 5%; improvement of the mutual agreement procedure (resolution of tax disputes) through arbitration; a significant increase in the capacity of the Contracting States for an exchange of tax information without reservation regarding the requirements of national tax interest or bank secrecy.