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The Government Approves Draft Protocol Amending the Agreement between Ukraine and Denmark

The Cabinet of Ministers approved the draft Protocol amending the Convention between the Government of Ukraine and the Government of the Kingdom of Denmark on the avoidance of double taxation and the prevention of tax evasion with respect to income and property taxes.

The purpose of the document is to amend the Convention and bring it in line with the OECD Model Convention.

The document, in particular, provides for:

  • updating the list of taxes covered by the Convention;
  • abolishing zero royalty rate in the country in which they occur;
  • amending the article on assistance in taxation;
  • enhancing the ability of tax authorities of Ukraine and Denmark to exchange tax information;
  • supplementing the Convention with the Article “Right to Benefit” which limits the improper application of the preferential provisions of the Convention.