On May 10, Minister of Finance of Ukraine Oleksandr Danyliuk met Minister of Finance of Cyprus Harris Georgiades during the 26th EBRD Annual Meeting.
One of the key issues discussed by the Ministers was the ratification of the agreement between the governments of Ukraine and Cyprus on the avoidance of double taxation and prevention of tax evasion. Harris Georgiadis pointed out that this Agreement brings more advantages to Ukraine than to Cyprus, hence the Parliament of Ukraine shall take more efforts to ratify it.
Both Ministers who also co-chair the joint Ukrainian-Cypriot intergovernmental commission for trade and economic cooperation have agreed to convene a meeting of the commission in the second half of this year to handle numerous questions which have emerged since the commission’s previous meeting and need to be solved in a bilateral way. These issues include the need to increase trade and investment volume as well as the enhancement of cooperation in the banking and tourism sectors.
Also, the Ministers discussed the experience of Cyprus in reforming its tax system, the ways to reduce the administrative pressure on business and the reform progress of the State Fiscal Service of Ukraine.