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The Parliament Ratifies Protocol Amending the Intergovernmental Double Taxation Agreement between Ukraine and Singapore

The Parliament of Ukraine has ratified the Protocol amending the Agreement between the Government of Ukraine and the Government of the Republic of Singapore on the avoidance of double taxation and the prevention of tax evasion with respect to income taxes.

What is it about?

The Agreement between the Government of Ukraine and the Government of the Republic of Singapore on the avoidance of double taxation and the prevention of tax evasion with respect to income taxes of January 26, 2007 is in force between Ukraine and Singapore.

In order to bring the provisions of the said Agreement into line with the Model Convention of the Organization for Economic Co-operation and Development on income and capital taxes, on August 16, 2019, the Protocol amending the Agreement between the Government of Ukraine and the Government of the Republic of Singapore on the avoidance of double taxation and the prevention of tax evasion with respect to income taxes was signed in Kyiv.

The provisions of the said Protocol are consistent with the requirements of the OECD Model Convention in terms of the new version of the article on information sharing, which provides for a significant expansion of the ability of Contracting States to exchange tax information.