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Association Agreement between the EU and Ukraine to be Ratified — Orbitax Tax News & Alerts

Officials from the European Union and Ukraine have confirmed that the Association Agreement between the European Union and Ukraine will be simultaneously ratified during the European Parliament's session on 15-18 September 2014.

The agreement sets out the obligations of both parties in regards to the association of Ukraine with the EU, including the cooperation and convergence of policy, legislation, and regulation in several areas, including adjusting the taxation structure of Ukraine in line with EU law. It also provides for the formation of a free trade area over a transitional period of a maximum of 10 years beginning when the agreement enters into force, which includes the prevention of new customs duties and taxes, the immediate repeal of certain tariffs, and the phasing out of others.