It is possible that the State Tax Administration will initiate the denunciation of the agreement on avoidance of double taxation of income and property with the Republic of Cyprus. This was announced by the head of the international relations department of the State Tax Administration of Ukraine (STAU), Yuriy Gladun, according to Korrespondent.net.
The STAU representative linked the emergence of this initiative to the specifics of how legal entities resident in Ukraine use the provisions of the said agreement. However, as Y. Gladun emphasized, due to its legal status, the tax administration can only make a corresponding proposal to the Cabinet of Ministers and the Ministry of Foreign Affairs of Ukraine.
Recall that the agreement between the government of the USSR and the government of the Republic of Cyprus on avoidance of double taxation of income and property entered into force on August 26, 1983. After Ukraine gained independence and formalized its succession to the regulatory acts of the former USSR, the said agreement currently applies to tax residents of Ukraine and the Republic of Cyprus.
Currently, Ukraine has concluded agreements, treaties and conventions on avoidance of double taxation with 44 countries, and with 36 states these documents were concluded directly by independent Ukraine.
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