The Convention preserves the right of the source state to tax gains derived from the alienation of shares deriving their value from immovable property situated in the source state, even if the alienator of such shares is not a resident of the source state.

Exchange of information under the Convention has been generally aligned with the international standard of transparency and exchange of information on request. In particular, neither Ukraine nor Luxembourg can decline to supply information "solely because the information is held by a bank.”

Furthermore, Ukraine has recently become a member of the Inclusive Framework on the OECD/G20 Base Erosion and Profit Shifting ("BEPS"), thus committing to implement four minimum standards of the BEPS Package. One of these standards relates to the prevention of treaty abuse and, in particular, proposes to introduce a limitation-on-benefits rule into tax treaties, which is expected to combat treaty-shopping practices.

While the limitation-on-benefits clause has not been included in the Ukraine-Luxembourg Convention, this standard may still be implemented as soon as June 2017 when Ukraine is expected to sign the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting.