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Convention on countering withdrawal of funds to offshore accounts to enter into force in Ukraine

Ukraine will become the 31st country to implement the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI)
15:30, 10 August 2019
 
From December 1, 2019, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) will enter into force in Ukraine. Ukraine's Ministry of Finance reported it on Facebook.

"On August 8, the documents for the ratification of the MLI Convention in Ukraine were submitted to the OECD (Organization for Economic Co-operation and Development - ed.) depository. This means that the Convention will enter into force in Ukraine from December 1, 2019, and Ukraine will become the 31st country where the Convention will begin to be applied," the report said.

The Finance Ministry noted that the MLI Convention is an important step to counter the erosion of the tax base and the removal of profits from taxation.
 
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"Thanks to the Convention, Ukraine will be able to make the necessary changes to most international double tax treaties between Ukraine and other states," the department added.

It is explained that this will reduce the movement of the Ukrainian capital to the low tax jurisdictions in order to minimize tax liabilities, which in turn will help increase budget revenues.

We recall, Finance Minister Oksana Markarova signed the multilateral MLI Convention on July 23, 2018. On February 28, 2019, the Verkhovna Rada ratified it.
 
 
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