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Egorov Puginsky Afanasiev & Partners, Taxand Ukraine, presents an outline of Ukraine’s protocol to their tax treaty with the UK.
On 9 October 2017, the governments of Ukraine and the United Kingdom of Great Britain and Northern Ireland signed a new Protocol to the Double Tax Treaty (DTT) of 1993.
The Protocol, among other things, increases withholding tax (WHT) on all passive income by an additional 5% thereby potentially affecting existing and future cross-border financing structures involving UK lenders.
Discover more: Ukraine signs protocol to tax treaty with the UK
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The new Protocol is subject to ratification and exchange of notifications before it comes into force. If such procedures are finalised by the end of 2017, the protocol will apply from 1 January 2018.