The MLI Convention will enter into force in Ukraine as from December 1, 2019, and Ukraine will become the 31st country where the Convention is going to apply.

The relevant news was reported by the Ministry of Finance of Ukraine. On July 23, 2019, the Minister of Finance signed the MLI multilateral convention, and the Parliament of Ukraine ratified it on February 28, 2019 (Law of Ukraine of February 28, 2019 No. 2692-VIII).

Thanks to MLI Convention, Ukraine will be able to make the necessary changes to most international double taxation treaties between Ukraine and other states. This will reduce the movement of Ukrainian capital into jurisdictions with a low level of taxation in order to minimize tax liabilities, which, in turn, will increase budget revenues (source: The Ministry of Finance official website on a social network).