On 17 December 2014, the Ukrainian Government approved a draft law for the termination of the income tax treaty with Cyprus. The treaty, signed 8 November 2012, is currently in force and has been effective since 1 January 2014. The primary reason the Ukrainian Government wishes to terminate the treaty, is that it provides significantly lower withholding tax rates than are provided in Ukraine's tax treaties with other countries. The law must now be approved by parliament and signed by the president before entering into force. According to Ukraine's Prime Minister, a new treaty with Cyprus will be negotiated.