Cyprus-Ukraine Double Tax Treaty due in October 2011

A double-taxation avoidance treaty between Cyprus and Ukraine is currently being drafted and is expected to be signed by October of this year, President Viktor Yanukovich stated during a meeting with his Cypriot counterpart, Demetris Christofias.

Christofias’ visit included a large trade delegation that took part in the Cyprus-Ukraine Business Forum, while Christofias also inaugurated the new Cyprus embassy and the office of the Cyprus Tourism Organisation and signed four bilateral cooperation agreements that aim to boost trade and tourism between the two countries. Cyprus has honorary consulates in Kiev and Mariupol and has accredited another one in Odessa, the biggest trade port on the Black Sea.

Bilateral trade totals 300 mln dollars, while Cypriot investments in Ukraine have so far reached 11 bln dollars. Ukrainian FDIs in Cyprus are estimated at 6.5 bln dollars.

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