News 2 - The Committee on Foreign Affairs recommends that the Parliament denounces an Agreement between the USSR Government and the Government of Cyprian Republic on Prevention of Double Taxation of Property and Income - Verkhovna Rada of Ukraine

The Committee on Foreign Affairs recommends that the Parliament denounces an Agreement between the USSR Government and the Government of Cyprian Republic on Prevention of Double Taxation of Property and Income

Published on 17 May 2008, at 10:15

The Bill (Reg. No.0037) envisages denunciation of the Agreement that was signed on 29 October 1982 in Moscow and, pursuant to Article 7 of the Law "On Legal Succession of Ukraine" is still effective in the relations between Ukraine and the Cyprian Republic.

On denunciation of the Agreement, the scope of capital withdrawal to Cyprus will reduce, a number of operations with participation of the said country will decrease, and negative influence of the Agreement on the Ukrainian tax system will lessen, as groundless tax privileges will not be granted. The said factors will increase the State budget revenue.

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