KIEV, July 22 – Ukraine's Finance Ministry announced it has agreed with Cyprus to increase taxation rates for some types of passive income.

The decision was reached after the second round of talks between Deputy Finance Minister Olena Makeyeva and representatives of the Cypriot government on July 2.

The ministry agreed with the Cypriot government on the signing of the new convention to avoid double taxation, which is in line with recommendations of the Organization for Economic Co-operation and Development (OECD).