The Ukrainian government has published the list of designated offshore jurisdictions under the Ukrainian Tax Code, which took effect on 1 April 2011. Payments by Ukrainian residents for the benefit of entities registered in these jurisdictions are not fully tax-deductible.

Cyprus is not included on the list of designated offshore jurisdictions, making payments to beneficiaries in Cyprus fully deductible.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.