Ukraine ratifies agreement to avoid double taxation with Luxembourg

Ukraine's Verkhovna Rada has ratified the convention between the governments of Ukraine and Luxembourg on avoiding double taxation and preventing income and capital tax evasion (bill No. 0125), reports Interfax Ukraine.

An Interfax-Ukraine correspondent has reported that a total of 236 lawmakers backed the document on Tuesday.

"After analyzing transactions of economic entities we have come to the conclusion that Luxembourg is one of the centers of investment. The ratification of the agreement and protocol to avoid double taxation between the states is an important event for us," Head of the profile parliamentary committee Nina Yuzhnina said.

She said that before the ratification she met official representatives of Luxembourg where Minister of Foreign and European Affairs of the Grand Duchy of Luxembourg Jean Asselborn said that Luxembourg is not an offshore country and was not placed to any black lists.

"Both Ukraine and Luxembourg have joined the initiative of the Organisation for Economic Co-operation and Development (OECD) on base erosion and profit shifting (BEPS). We should play under equal rules," the minister said.

He said that Luxembourg is ready to automatically provide all the required information on transactions of Ukrainian entities to Ukraine.

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