Ukraine approves 2025 draft budget: Prioritises defence, security
Ukraine’s government approved the draft budget for 2025, on 13 September 2024, which prioritises defence and security spending, said Ukraine’s Prime Minister Denys Shmyhal on his official Telegram channel. Defence spending will increase to at
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IMF Report Looks at Ukraine’s Economy
On 10 September 2024 the IMF and the Ukrainian authorities reached agreement on the Fifth Review of the four-year Extended Fund Facility (EFF) Arrangement, subject to approval by the IMF Executive Board. The statement issued by the IMF noted that
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Ukraine: MCAA CbCR agreement comes into force
The Ukrainian Ministry of Finance issued a reminder about the commencement of the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbCR) on 2 September 2024. Ministry of Finance of Ukraine reminds
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Montenegro and Ukraine initial new income tax treaty to replace 2001 agreement
Montenegro and Ukraine officials reportedly concluded the second round of negotiations by initiating an income tax treaty on 28 August 2024. This agreement, which will replace the 2001 tax treaty established between Ukraine and the former
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Guatemala, Ukraine to continue FTA negotiations
Ukraine's Ministry of Economy announced that Guatemala and Ukraine will continue negotiations for a free trade agreement (FTA) and deepening bilateral economic cooperation on 17 August 2024. This was agreed upon in a meeting in the Dominican
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Turkey approves free trade agreement with Ukraine
Turkey has approved the free trade agreement with Ukraine, according to the country's official gazette No. 32620 on 2 August 2024. The agreement was signed on 3 February 2022 and was later approved by President Recep Tayyip Erdogan, along with
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Ukraine enacts ‘White Business Club’ law
Ukraine’s President Volodymyr Zelenskyy signed Law No. 11084 enacting the “White Business Club”. This legislation amends the Tax Code of Ukraine and introduces several tax incentives and benefits for taxpayers exhibiting a strong commitment to
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Ukraine: MCAA for financial data exchange enters into force
Ukraine's Ministry of Foreign Affairs published Letter No. 72/14-612-106482, on 5 August 2024, stating that the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA) entered into force for Ukraine
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Ukraine, Mauritius to negotiate first income tax treaty
Officials from Ukraine and Mauritius met to discuss strengthening cooperation and agreed to start negotiations for an income tax treaty, according to a release published by the Ukrainian government. “Today in Port-Luis, I was honoured to be
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Ukraine clarifies residence certificate requirements for withholding tax exemptions
The State Tax Service of Ukraine has issued new guidance detailing the requirements for residence certificates needed to claim withholding tax exemptions or reductions under tax treaties. The guidance is for tax agents making income payments to
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Ukraine extends tax statute limitations for non-residents
The State Tax Service of Ukraine released a notice announcing the extension of the statute of limitations for documents and information necessary for tax control to 2,555 days (seven years), according to Articles 39 and 39, Paragraph 141.4 –
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Ukraine ratifies new income tax treaty with Japan
Ukraine published Law No. 3774-IX, ratifying a new income tax treaty with Japan regarding the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance. Signed on 19 February, 2024; the treaty
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Ukraine releases updated tax treaty with Cyprus under BEPS MLI
The Ukrainian Ministry of Finance has released an updated version of its tax treaty with Cyprus, which includes changes implemented through the Multilateral Convention (MLI) to combat tax base erosion and profit shifting (BEPS). The MLI is an
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Ukraine: Parliament ratifies income tax treaty with Japan
The Ukraine parliament has approved the ratification of the pending income tax treaty with Japan on 5 June, 2024. It will come into effect 30 days after the exchange of ratification instruments, with application commencing from 1 January of the
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National Bank of Ukraine lowers key policy rate, late payment penalty interest
The National Bank of Ukraine (NBU) has declared a change in its key policy rate. Effective from 26 April, 2024; the rate now stands at 13.5% per annum; down from the previous 14.5%. Additionally, the late payment penalty interest, linked to the
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Ukraine issues controlled foreign companies (CFC) notification requirements
On 28 March 2024, the State Tax Service of Ukraine released a notice directed to companies and individuals residing in Ukraine, detailing their duty to report on controlled foreign companies. This notification outlines the requirement for
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Ukraine revises form and procedures for county-by-country (CbC) reports
The State Tax Service of Ukraine released updates to the form and procedures for preparing country-by-country reports. Among the main changes to the procedure for filling out the country-by-country report of the international group of companies
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Ukraine cuts interest rate impacting late payment penalties
On 14 March 2024, the Board of the National Bank of Ukraine announced it had reduced the discount rate from 15% to 14.5% annually, effective from 15 March 2024. Previously, the key policy rate was lowered from 16.0% to 15.0% starting 15 December
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