Protocol amending the Agreement between the Government of Ukraine and the Government of the Republic of Singapore on avoidance of the double taxation was ratified

Verkhovna Rada of Ukraine adopted the Law “On ratification of Protocol amending the Agreement between the Government of Ukraine and the Government of the Republic of Singapore on avoidance of the double taxation and prevention of the tax evasion regarding the income taxes”.

Document ratifies amendments that were made on August 16, 2019 in Kyiv between the governments of two countries.

With the entry of Protocol into force Article 25 (“Information exchange”) of the specified Agreement will be released in the new edition which will greatly enhance the ability to exchange the tax information, taking into account new international standards developed by the OECD and current practices of countries in this sphere of cooperation.

Protocol will entry into force from the date of the last written notification of the diplomatic channels on the completion of all domestic procedures necessary for its entry into force by the Contracting States.