From Ukranian News Agency

Ukrainian Analytic Centre President Okhrimenko Notices Ukraine-Belize Commodity Turnover Soaring After Cyprus Crisis

President of the Ukrainian Analytic Centre (UAC) Oleksandr Okhrimenko notices that the Ukraine-Belize commodity turnover is soaring after the Cyprus crisis, he has announced at a roundtable discussion “Will Ukrainians turn away from offshores?” in Ukrainian News Agency’s press centre.

“Our commodity turnover with Belize has increased sharply now. Incredibly sharply. Belize is churning, there’s steep growth there. As far as I understand, part of the business has relocated there [from Cyprus]. So, our businessmen rearrange themselves fairly apace,” he said.

The expert sounded an assumption that after the Cyprus crisis businesses that used to work via that country will divide into two categories and will continue functioning either via such states as Austria, the Netherlands, Ireland, or via Belize and Cayman Islands.

“In the next couple of years we will see a repartition of business… Those who live a new dimension will get off working via Austria, Holland and Ireland. All big corporations will be working via such “white” offshores. Belize and Cayman Islands will be for the “dirty” business,” he said.

Okhrimenko says the Cyprus crisis symbolises the end of the original accumulation age.

“The chaos is over. Cyprus was the last point at the stage of original accumulation,” the expert said.

On July 4, the Verkhovna Rada passed as a whole the government-drafted bill No.0024, providing for ratification of a convention with Cyprus on avoidance of double taxation.

As Ukrainian News earlier reported, in June Parliament turned down ratification of a double taxation treaty with Cyprus, signed on November 8, 2012 in Nicosia, Cyprus.

The existing Soviet-Cypriot agreement of 1982 provides for a zero rate of taxation on a variety of tax items.

For more on this story go to:

http://un.ua/eng/article/459711.html