The Protocol was agreed in 2015 and was ratified by the Cypriot Government on 11 December 2015.
On 30 October 2019, the Ukrainian parliament approved the ratification of the protocol.
Thus, the Protocol is now in force and will have effect on 1 January 2020.
The main amendments effected by the Protocol to the existing treaty cover dividends, interest and capital gains resulting from the sale of shares of immovable
property rich companies.
In addition, the most favoured nation clause is introduced in the treaty. These changes are summarized in the following link Tax-Alert-Protocol-Cyprus_Ukraine (1)