By the said Law, Ukraine ratified the Protocol amending the Agreement between the Government of Ukraine and the Government of the Republic of Singapore on avoiding double taxation and preventing tax evasion regarding income taxes.
We remind you that in Ukraine, as of today, the Agreement between the Government of Ukraine and the Government of the Republic of Singapore on the avoidance of double taxation and the prevention of tax evasion regarding income taxes of January 26, 2007 is in force. At the same time, it is noted that the need to sign such a Protocol is caused by mutual obligations of countries to bring the norms of the current bilateral Agreement into line with the requirements of the Model Convention of the Organization for Economic Cooperation and Development on tax information exchange.
Based on this, the provisions of this Protocol significantly expand the ability of States to exchange tax information: “Contracting Countries exchange expected information to fulfill the provisions of the Agreement, as well as to administer or enforce national laws of states that relate to any type of tax.” In addition, according to the text of the Protocol, if information is requested by any of the Contracting Countries on the basis of the Agreement, then the other Country is obliged to make every effort to obtain such information, even if this other Country does not need such information for its tax purposes. At the same time, all information received continues to be considered confidential and can only be disclosed or provided to the competent authorities, as well as during court hearings or in the text of a court decision.
The Protocol of August 16, 2019 also states that the latter shall enter into force on the day of receipt of the latest notification through the diplomatic channels of the Countries about the completion of all domestic procedures that are necessary for its entry into force.