The Ministry of Finance and the Central Bank of Cyprus announce that the Bank of Cyprus (BoC) has been fully recapitalised today by the overall conversion of 47,5% of uninsured deposits into shares in the bank, thus putting an end to a period of uncertainty. This is the final stage of the bank’s resolution process and there will be no further measures under the Resolution Law.
The DTT was signed on 8 November 2012 although it has not been ratified yet. By Decree No.302-r dated 15 May 2013 the Cabinet of Ministers of Ukraine submitted a Convention between Ukraine and Cyprus for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income (the “DTT”) and respective Protocol to the Parliament of Ukraine for ratification.
Twelve territories have newly signed, or committed to sign, the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, while another six countries have deposited their instruments of ratification, at a ceremony at the Organization for Economic Cooperation and Development (OECD).