The Cabinet of Ministers approved the Draft Convention between the Government of Ukraine and the Government of Republic of Cyprus for the avoidance of double taxation and the prevention of fiscal evasion with respect to income taxes on 5 November, according to the Government's press service.

Minister for Foreign Affairs Kostyantyn Gryshchenko is authorized to sign the relevant documents. The Draft Convention has not yet been published and the signing date has not yet been announced.

Currently the relevant relationships are governed by the Convention between the Government of the Republic of Cyprus and the Government of the Union of Soviet Socialist Republics for the avoidance of double taxation of income and property. This convention would cease to be in force should the new Convention be signed and ratified.

We will keep you informed on further progress in this matter.