On 9 October 2017, the Deputy Minister of Finance of Ukraine and the Minister of Economy of the Republic of Turkey signed the Protocol on amendments to the Agreement on the Avoidance of Double Taxation between Ukraine and Turkey (the “Protocol
The Protocol reportedly aims to strengthen and improve the mechanisms set out in the existing Agreement between Ukraine and Turkey, namely:
- extending the term “resident” in line with the OECD Model Tax Convention;
- amending the information exchange clause to increase tax data exchange between the Parties without restrictions related to the domestic taxation interest or banking secrecy;
- introducing a new mutual assistance in levying taxes clause, which compels the Parties to assist each other in claiming outstanding tax payments.
Ukraine and Turkey are yet to conduct all the necessary domestic procedures to ratify the Protocol and the date of entry into force has not been scheduled.