Category: Ukraine

Ukraine, U.S. ratify agreement on FATCA de-offshorization

The bill foresees that the Ukrainian banks will open information about the accounts of U.S. citizens in this country; Ukraine, on the other hand, will not be able to get the respective information about Ukrainian accounts in the States The Verkhovna Rada of Ukraine has passed the document about ratification… – Continue reading

Parliament ratifies double tax agreement with Malaysia

The Verkhovna Rada of Ukraine ratified an agreement with Malaysia on the avoidance of double taxation and the prevention of tax evasion and the protocol thereto, adopting Bill No. 0002. 333 MPs voted in favor of it. It was broadcasted by official Rada Channel. The agreement extends to individual income… – Continue reading

Ukraine: Ukraine Ratifies Protocol Amending Double Taxation Treaty Between Ukraine And Switzerland

On 18 September 2019, the Parliament of Ukraine ratified a protocol (the Protocol) of amendments to the double tax treaty between Ukraine and Switzerland (the DTT) which had been signed by the states on 24 January 2019.  ... - Continue reading

Ukrainian government approves bill ratifying FATCA

The Cabinet of Ministers has approved a bill to ratify the Agreement between the governments of Ukraine and the United States to improve tax compliance and application of provisions of the U.S. Foreign Account Tax Compliance Act (FATCA) and related bills, the Ukrainian Finance Ministry’s press service reported. “On September… – Continue reading

Finance Ministry calls on parliament to adopt laws for cooperation with IMF, EU

The Ukrainian Finance Ministry has called on the Verkhovna Rada to approve a package of bills that will open access to further macro-financial assistance from the EU and help continue cooperation with the IMF, the ministry’s press service has reported on its Facebook page. “This week, the Verkhovna Rada will… – Continue reading

Ukraine, Switzerland sign protocol on avoidance of double taxation

Ukraine and Switzerland have signed a protocol on the introduction of amendments to the convention on the avoidance of double taxation with respect to taxes on income and capital, and its protocol, concluded in Kyiv on October 30, 2000. Ukrainian Finance Minister Oksana Markarova and newly appointed Swiss President Ueli… – Continue reading


In Ukraine in some areas taxes are too high, and entrepreneurs simply can’t pay, so toughen system of tracking defaulters only after tax cuts. Comments about this correspondent of ГолосUA said political analyst Nikolai Spiridonov. “In Ukraine, a number of taxes too high. Businesses simply can’t pay. And is double… – Continue reading

McDonald’s Luxembourg tax deal not illegal

BRUSSELS (Reuters) – McDonald’s tax deal with Luxembourg did not breach EU state aid rules, EU antitrust regulators ruled on Wednesday, saying the reason the US fast food chain did not pay some taxes was due to the mismatch between US and Luxembourg laws. The decision by the European Commission… – Continue reading

Introduction of exit capital tax will attract attention of tax authorities to export-import companies – Expert

The introduction of an exit capital tax, envisaged by the draft law on amendments to the Tax Code of Ukraine regarding the tax on exit capital (No. 8557), will draw the attention of tax authorities to companies carrying out foreign economic operations, expert for transfer pricing at Evris law firm… – Continue reading

The cabinet will strengthen the control of tax authorities over wealthy Ukrainians.

From 1 January 2019 rich Ukrainians can be under scrutiny of tax authorities. This draft law was developed on the eve of the Finance Ministry, writes in his article for EP Galina Kalachova. The author notes that understanding of Finance, a taxpayer with high income is someone who meets one… – Continue reading

Ukraine and Qatar sign agreement on avoiding double taxation

Foreign Minister of Ukraine Pavlo Klimkin and Finance Minister of Qatar Ali Shareef Al-Emadi have signed an agreement on avoiding double taxation and preventing income tax evasion between the government of Ukraine and Qatar. According to a Thursday posting on the website of the Finance Ministry of Ukraine, avoiding double… – Continue reading

Ukraine updates transfer pricing rules for 2018: key takeaways

Ukraine’s Law No. 2245-VIII “On Introduction of Changes to the Tax Code of Ukraine and Some Legislative Acts of Ukraine on Ensuring the Balance of Budget Revenues in 2018,” which came into effect on January 1, 2018, includes important changes to transfer pricing (TP) regulations. These changes are outlined below…. – Continue reading

Ghana wins award for Company Ownership Transparency

Ghana has won international recognition for its commitment to expanding the frontiers of transparency, including progress made towards lifting the veil off the actual beneficial owners of companies operating in the country. The recognition came in the form of an award from the Extractive Industries Transparency Initiative (EITI) International Board… – Continue reading

KPMG: Armenian taxpayers to start submitting transfer pricing papers to tax agencies soon

YEREVAN, June 7. /ARKA/. In 2018, Armenian taxpayers will start submitting transfer pricing papers to tax agencies, Nerses Nersisyan, head of KPMG Armenia department in charge of tax and legal consulting, told journalists on Tuesday. In October 2016, he said, a new tax code was adopted in Armenia, in which… – Continue reading

Ukraine Sets Out Fiscal Plans In Talks With IMF

Ukraine has ruled out major tax reform, in consultations with the International Monetary Fund. The IMF noted that Ukraine has major substantial progress on improving its finances. The IMF said budget execution continues to be strong, over-performing relative to program targets. The 2016 budget deficit has been limited to 2.3… – Continue reading

Ukraine ratified double tax treaty with Luxembourg

On 14 March 2017 the Parliament of Ukraine ratified the Convention between the Government of Ukraine and the Government of the Grand Duchy of Luxembourg “On Avoidance of Double Taxation and Prevention of Income and Capital Tax Evasion” (the “Convention”) and a protocol to it (the “Protocol”). As we informed… – Continue reading

Ukraine and USA signs treaty on FATCA

On 7 February 2017, the Minister of Finance of Ukraine and the US Ambassador to Ukraine signed a treaty on Ukraine’s performance of the US Foreign Account Tax Compliance Act (FATCA) (the Treaty). According to the Ministry of Finance of Ukraine, the Treaty is based on the Model 1B Intergovernmental… – Continue reading

New tax regime for Ukrainian loan participation notes issued on international capital markets

January 2017 – On 21 December 2016, Ukraine’s parliament adopted the Law “On Amendments to the Tax Code of Ukraine Concerning Improvement of the Investment Climate in Ukraine” No. 1797-19. With effect from 1 January 2017, the legislation introduces new rules for the taxation of interest payable by Ukrainian economic… – Continue reading

Ukraine: New Tax Reform Law adopted by Parliament

On 8 December 2016 the Ukrainian Parliament adopted in its first reading the Draft Law No. 5368 “On Amendments to the Tax Code of Ukraine (regarding improving the investment climate in Ukraine)” (hereinafter the “Tax Reform Law”). The Tax Reform Law will introduce among other things changes to VAT administration,… – Continue reading

Ukraine: Tax Residency Status: Issues To Consider When Moving Abroad

Recent social and economic developments have had a powerful impact on many Ukrainian citizens and businesses and have led them to look for a better life beyond the borders of Ukraine. Obviously, Ukrainians moving abroad is not something new. Periods of economic crisis in almost every state are usually accompanied… – Continue reading

Ukraine officially joins BEPS project

On November 22, 2016, the Minister of Finance of Ukraine handed an official letter on Ukraine’s accession to the BEPS (Base Erosion and Profit Shifting) plan to the Secretary-General of OECD. Being the final stage in the process of joining the project, Ukraine is to become a member of the… – Continue reading

Ukraine’s Cabinet of Ministers endorses draft agreement on FATCA with US

Ukraine’s Cabinet of Ministers has approved a draft agreement with the U.S. government to improve the implementation of tax rules and apply the provisions of the U.S. foreign account tax compliance act (FATCA). The decision is outlined in government resolution No. 821-r dated November 9, 2016 posted on the government’s… – Continue reading

Ukraine and Luxembourg sign a Protocol modifying their double tax treaty

On 30 September 2016 Ukraine signed a protocol (the “Protocol”) modifying the not-yet-in-force Convention between the Government of Ukraine and the Government of the Grand Duchy of Luxembourg for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and Capital (the “Convention”)…. – Continue reading

UK aid programme “failing to tackle tax avoidance and evasion”

A report by the Independent Commission for Aid Impact (ICAI) has criticised the Department for International Development’s (DfiD) approach to tackling tax avoidance and its alleged failure to achieve value for money on HMRC collaboration DfiD has failed in its efforts to fully include developing countries so that they benefit… – Continue reading

Ukraine, Malaysia sign agreement on avoidance of double taxation

An agreement on avoidance of double taxation, which was signed today between the governments of Ukraine and Malaysia, will allow enhancing business contacts and attracting investors. Ukrainian President Petro Poroshenko said this at a joint news conference with Malaysian Prime Minister Najib Tun Razak, an Ukrinform correspondent reports. “We think… – Continue reading

Oxfam in call for crackdown to combat money launderers using Scottish shell firms

OXFAM has called for action to close a legal loophole that has seen a booming number of Scottish shell firms used for tax dodging and money laundering. The global charity warned that the country was becoming one of the world’s “secret tax havens where the privileged minority hide billions from… – Continue reading

Ukraine, Austria Increase DTA Withholding Tax Rates

Ukraine and Austria have agreed to sign a protocol to their double taxation agreement to increase withholding tax rates on dividends, interest, and royalty income. The protocol increases the withholding tax rate for dividends and interest to 15 percent and five percent, respectively. Additionally, the royalty rate for patents, trademarks,… – Continue reading

IMF to Help Ukraine Improve Enforcement of Anti-Money Laundering Laws

According to reports, the International Monetary Fund is aiding the Ukrainian government in its efforts to fix the country’s weak anti-money-laundering regulations. WASHINGTON (Sputnik) – The International Monetary Fund (IMF) is aiding the Ukrainian government in its efforts to fix the country’s weak anti-money-laundering regulations, the IMF said in a… – Continue reading

EU threatens sanctions on money laundering, tax evasion havens

BERLIN – A European Union official threatened Thursday to sanction Panama and other nations if they don’t cooperate fully to fight money laundering and tax evasion, after a leak of data showed the small country remains a key destination for people wanting to hide money. The 11.5 million documents from… – Continue reading

Panama Papers Raise Privacy Issues, Whether This Is A ‘New Normal’

The release of the so-called “Panama Papers” – more than 11 million documents and personal files detailing financial information and offshore accounts of prominent individuals – dominated the international news cycle this week. It’s raised questions about the role of technology and the expectation of privacy. “We saw this in… – Continue reading

The ‘extraordinary’ loophole that saw Russia threaten to brand UK as tax haven

Russia has come close to blacklisting the UK as a tax haven as concerns grow over Scotland’s booming offshore business. The Kremlin’s Finance Ministry had announced that it would officially equate Britain with traditional “fiscal paradises” like Panama, the British Virgin Islands and the Caymans. Such a humiliating move would… – Continue reading

Scotland advertised across Eastern Europe as tax haven

SCOTLAND is being advertised as a tax haven across Eastern Europe. The country’s allegedly lax company formation laws are being promoted by firms in Latvia, Russia, Ukraine and Belarus as authorities black list more traditional “fiscal paradises”. A new round of publicity for Scotland as an “offshore zone” began this… – Continue reading

Cyprus: Taxation – Amendments On The Double Tax Treaty Between The Republic Of Cyprus And Ukraine

Representatives of the Cyprus and the Ukrainian governments have signed, in Kiev, on Friday, 11 December 2015, a protocol amending their Double Tax Avoidance Treaty. The protocol is based on the Model Tax Convention for the Avoidance of Double Taxation OECD. The changes need to be ratified by both the… – Continue reading

Corruption in Ukraine: US threatens to cut off aid

United States Vice President Joe Biden has never been one to hold his tongue. He certainly didn’t in his recent trip to Kiev. In a speech before Ukraine’s Parliament, Biden told legislators that corruption was eating Ukraine “like a cancer,” and warned Ukrainian President Petro Poroshenko that Ukraine had “one… – Continue reading

Latvian regulator hits Privatbank with record fine for Moldova bank fund laundering

RIGA – The Latvian Financial and Capital Markets Commission (FCMC) on Dec. 11 imposed a record 2-million-euro fine on Ukrainian-owned A/S Privatbank and ordered the dismissal of its CEO and managing board for violations of money laundering and other banking regulatory laws in connection with the alleged plundering and collapse… – Continue reading

Poroshenko hopes revamped agreement on taxation would benefit for Ukraine and Cyprus

Ukrainian President Petro Poroshenko hopes that the signing of the revamped intergovernmental agreement to avoid double taxation would facilitate the development of economic relations between Ukraine and Cyprus. “Following the negotiations, the parties signed 4 documents, inter alia, those allowing the avoidance of double taxation. The head of state expressed… – Continue reading