The Verkhovna Rada of Ukraine adopted the Law of Ukraine “On Ratification of the Convention between the Government of Ukraine and the Government of Japan for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Fiscal Evasion and Avoidance and the Protocol thereto”.

The adoption of the Law provides the legal basis for completing the domestic procedures necessary for the entry into force of the Convention between the Government of Ukraine and the Government of Japan for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Fiscal Evasion and Avoidance and its Protocol.

The document provides for ratification of the Convention and its Protocol. 

The convention will contribute to the avoidance of double taxation between Ukraine and Japan, the prevention of tax evasion, and the mutual reduction of tax barriers to foreign investment and trade.

In order to eliminate double taxation, the rules for the distribution of taxation rights of certain types of income between Ukraine and Japan are established.

Additionally, the convention defines the methods of elimination of double taxation by the states, establishes agreements on the exchange of tax information between the tax authorities of Ukraine and Japan and the mutual agreement procedure, which is carried out by the competent authorities in case if a resident of one state believes that as a result of the actions of one or of both contracting states, he is or will be subject to taxation which is inconsistent with the provisions of the convention.

More details: http://surl.li/ugnlj