This is an important matter for both countries. Investment from Cyprus into Ukraine over the past six years has been in excess of US$6 billion, making Cyprus the second largest investor in Ukraine after Germany. Over the same period Ukraine was the largest investor into Cyprus, with investment flows of US$5.8 billion.
Cyprus’s European environment, combined with its political stability, its transparent legal system, its high standard of living and its world-class banking, accounting and legal services have contributed to its development as an important international financial centre. Furthermore, in addition to the double taxation treaty, there are a number of other agreements that protect investors of the two countries, including a trade agreement that has been in effect since 2000, an agreement on legal assistance in civil cases and various partnership and co-operation agreements between the EU and Ukraine.
Cyprus’s Finance Minister, Charilaos Stavrakis, has been assured by officials of the Ukrainian government that there is no intention of including Cyprus in the country’s tax black list, and he has expressed his confidence that Ukraine and Cyprus will soon sign an agreement to avoid double taxation for the benefit of both countries.
neocleous.com , 13.06.2008
