Finance Minister of Ukraine Serhiy Marchenko has signed a protocol on amendments to the Ukrainian-Danish Intergovernmental Convention on the Avoidance of Double Taxation, according to the ministry’s press service.
The said protocol amends the Convention in order to bring its provisions in line with the OECD Model Tax Convention. In particular, the protocol provides for updating the list of taxes covered by the Convention and the abolition of a zero tax rate on royalties in the country in which they arise (tax rate raised to 5%).
The document also expands opportunities for the tax authorities of Ukraine and Denmark to exchange tax information and provide assistance in collecting taxes. The subjects of the protocol are the Finance Ministry and the State Tax Service of Ukraine. (Ukrinform/Business World Magazine)