On 19 May 2015, officials from Cyprus and Ukraine agreed to negotiate revisions to the 2012 income tax treaty between the two countries. Ukraine had approved a draft law to terminate the treaty in December 2014, although it is currently still in force. The reasons for termination, and the agreement to revise, include that the treaty provides significantly lower withholding tax rates than are provided in Ukraine's tax treaties with other countries and the Ukrainian government feels the treaty is not in line with the OECD model. Any new treaty or protocol amending the current treaty will need to be...