During the December 27 extraordinary meeting, the Committee members considered the draft Law on denunciation of Convention between the Government of Ukraine and the Government of the Republic of Cyprus for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income and its Protocol (Reg. No. 001-3). Having granted a hearing to representatives of the Ministry of Foreign Affairs and the Ministry of Finance on the abovementioned bill, the Committee members upheld the necessity to cancel the Convention's provisions.
However, in view of the fact that such a legislative initiative requires consultations with the Government of the Republic of Cyprus on amendments to the Convention before its approval by the Verkhovna Rada, Committee adopted a decision to refine the bill and recommend that the Verkhovna Rada of Ukraine address the Government with a suggestion to conduct negotiations with the Government of the Republic of Cyprus in February of 2015.
MPs also exchanged thoughts on the bills connected with adoption of the Law of Ukraine on the State Budget of Ukraine for 2015.