Ukraine and Switzerland amend the double taxation agreement: what does this mean.

The Ukrainian delegation, which includes representatives of the State Fiscal Service and the Ministry of Finance, plans to visit Switzerland to cooperate on amendments to the Convention on the Avoidance of Double Taxation. This was announced by the head of the Office of Large Taxpayers, Yevhen Bambiov.

According to Bambiov, one of the key issues for Ukraine is the exchange of tax information, which is absent in the current version of the convention concluded in 2002. He also noted that the volume of trade between Ukraine and Switzerland amounts to 40% and requires proper tax control.

'Having such a turnover and not having enough information for tax control is something that even very wealthy countries cannot afford,' the tax official emphasized.

This year, the Council has already approved the agreement between the Government of Ukraine and the Government of Luxembourg aimed at avoiding double taxation and preventing tax evasion on income and capital. This step is another move by Ukraine towards ensuring the transparency of the tax system and international cooperation.

Summary

The Ukrainian delegation will depart for Switzerland for negotiations on amendments to the Convention on the Avoidance of Double Taxation between the countries. One of the most important issues is the implementation of tax information exchange and tax control, as well as cooperation to ensure the transparency of tax procedures.