Volodymyr Zelensky / REUTERS
The president signed the bill into law on November 15.
Ukrainian President Volodymyr Zelensky has enacted a law to ratify a protocol that amends the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income between Cyprus and Ukraine.
The president signed the bill into law on November 15, according to the website of the Verkhovna Rada, Ukraine's parliament.
As stated in the explanatory note, the ratification of the protocol is required due to fact that during the bilateral talks, the parties had agreed to introduce amendments to the said Convention.
As UNIAN reported earlier, on October 30, the Verkhovna Rada passed bill No. 0003 to ratify the protocol that amends the Convention between the governments of Ukraine and the Republic of Cyprus on avoidance of double taxation regarding taxes on income.
UNIAN memo. The Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income between Cyprus and the respective Protocol were signed in Nicosia on November 8, 2012.
Thus, entrepreneurs of both countries have got guarantees that incomes derived from their activity in the territory of the other country, as well as from sources in such a country, in the form of dividends, interest and royalties, are not subject to double taxation.
On December 11, 2015, the governments of Ukraine and Cyprus signed a protocol amending the relevant bilateral Convention.