May 10, in the framework of the 26 annual meeting of the governors of the European Bank for Reconstruction and Development (EBRD) Minister of Finance of Ukraine Olexandr Danyliuk met with Minister of Finance of the Republic of Cyprus Harris Georgiades.
At the meeting the parties focused attention on the ratification of the Convention between the Government of Ukraine and the Government of the Republic of Cyprus on avoidance of double taxation and prevention of tax evasion. Harris Georgiades noted that Ukraine would have more benefits from the Convention than the Republic of Cyprus, therefore, the Verkhovna Rada of Ukraine should make maximum efforts for its ratification.
As co-heads of the joint Ukrainian-Cypriot intergovernmental Commission on trade-economic cooperation, the Ministers agreed to hold a meeting of the Commission in the second half of this year, because since the last meeting there had accumulated a lot of questions to be addressed at the bilateral level. Among them: the need to increase trade volumes and investment flows, as well as to enhance partnership in the banking and tourism sectors.
Apart from that, the Ministers discussed the experience of Cyprus in reforming the tax system, the ways to reduce the administrative burden on businesses and the progress of reform of the State Fiscal Service of Ukraine.