According to an announcement published by the Ministry of Finance of Ukraine on 21 July 2015, officials from Cyprus and Ukraine have agreed to sign a protocol to the 2012 income tax treaty between the two countries following a second round of negotiations held 2 July 2015. Ukraine's reasoning for the protocol include that the current treaty provides significantly lower withholding tax rates than are provided in Ukraine's tax treaties with other countries and the treaty is not in line with the OECD Model. The protocol must be signed and ratified before entering into force, and according to the announcement,...