The Cabinet of Ministers of Ukraine issued the list of offshore jurisdictions to be applied for the Tax Code purporses starting from 1st of April 2011. Payments by Ukrainian residents for the benefit of entities registered in these jurisdictions are not fully tax-deductible.

The new list, which is identical to the existing list, includes Guernsey, the Isle of Man, Belize, Andorra, Gibraltar and Monaco, Bahamas, Barbados, British Virgin Islands, Granada, US Virgin Islands, Liberia and Seychelles.

It should be noted that Cyprus is not included on the list of designated offshore jurisdictions.