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New Ukrainian list of designated offshore jurisdictions does not include Cyprus

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

The new list, which is identical to the existing list, includes Guernsey, the Isle of Man, Belize, Andorra, Gibraltar and Monaco, Bahamas, Barbados, British Virgin Islands, Granada, US Virgin Islands, Liberia and Seychelles.

It should be noted that Cyprus is not included on the list of designated offshore jurisdictions.