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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