Tuesday, July 21, 2015

The Ministry of Finance has agreed with the Republic of Cyprus to revise the rates of taxation of certain types of passive income

Ministry of Finance of the Republic of Cyprus agreed to raise the tax rates of certain types of passive income. The decision was made based on the results of the second round of negotiations the Deputy Minister of Finance Elena Makeyev with the Government of Cyprus, held on July 2, 2015. By the results of the negotiations the parties signed a corresponding protocol.

 The goal of the Ministry of Finance - increased revenues to the state budget of Ukraine by expanding the tax base, particularly by reducing shadow economy, the fight against tax evasion, while a decrease in pressure on law-abiding taxpayers. . In addition, the Ministry takes active steps to combat capital flight to offshore.


 As part of this policy, the Ministry of Finance has agreed with the Government of Cyprus on the signing of a new convention for the avoidance of double taxation on the recommendations of the OECD. Key changes to this convention is to raise tax rates for certain types of passive income.

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