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| Ukraine Calls For Conclusion Of New Cypriot DTA |
by Ulrika Lomas, Tax-News.com, Brussels
Monday, November 15, 2010
The Prime Minister of Ukraine, Mykola Azarov has called for the renegotiation
of the double tax agreement between Ukraine and Cyprus while meeting with
the President of the Cypriot House of Representatives, Marios Karoyan.
"For many years we have negotiated the signing of the convention on avoiding
double taxation. Ten years ago when I worked as the Head of Tax Administration
I started to deal with that matter. I think it's time to put an end to this
process and to sign an agreement," Azarov emphasized. He added that Cyprus
is an important investment partner of Ukraine and expressed hope that the forthcoming
visit of the President of Cyprus to Ukraine would contribute to boosting bilateral
relations.
Azarov said that the renegotiated convention for the avoidance of double taxation (replacing the treaty inherited from the former Soviet Union) would
be signed on a forthcoming visit by the Cypriot Finance Minister. The signing of a new double tax agreement would enhance bilateral economic relations by assigning the taxing rights of the respective countries, preventing the incidence of double taxation on those trading and investing in Ukraine from Cyprus and vice versa.
For his part, Karoyan stressed that his country supports Ukraine's attempts
to join the EU. "With regard to the Ukraine's application to join the EU,
we are in full support. Ukraine can always count on the support of Cyprus," he said.
He added that Cyprus supports granting Ukraine a visa-free regime for short
trips of its citizens to the EU. He expressed interest in investment by Cypriot companies in the tourism industry in Ukraine.
To support efforts to enhance bilateral cooperation, the two countries have
agreed to hold a joint Ukrainian-Cypriot business forum in Kiev in the first
quarter of 2011.
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