Ukrainian President Petro Poroshenko has signed the law on ratification of the convention between the government of Ukraine and Luxembourg to avoid double taxation and prevent tax evasion with respect to income and capital tax, the presidential press service has reported.

According to the report, the document will contribute to the creation of an effective bilateral legal basis for avoiding double taxation, preventing tax evasion, as well as mutual mitigation of tax barriers to foreign investment and trade.

As reported, the Verkhovna Rada ratified the relevant document on March 14 this year. The signing of the updated convention between Ukraine and Luxembourg on avoiding double taxation took place on September 30, 2016, which ended the 19-year-long negotiations.

Earlier, PJSC ArcelorMittal Kryvyi Rih (Dnipropetrovsk region) applied to the Ukrainian Ministry of Finance with the request to accelerate the signing of this document.