On 27 December 2020, Ukraine President Volodymyr Zelensky signed the law for the ratification of the pending protocol to the 1997 tax treaty with Austria. The protocol, signed 15 June 2020, includes changes to bring the treaty in line with OECD BEPS standards, as well as amendments to the withholding tax rates on dividends, interest, and royalties, and other changes. The protocol will enter into force 30 days after the ratification instruments are exchanged and will generally apply from 1 January of the year following its entry into force, although changes regarding royalties will apply one year later.