A view of Varosia in Turkish-controlledFamagusta, Cyprus on Aug. 29, 2019. Many holding companies ownCypriot companies for tax purposes, as Cyprus typically has among thelowest corporate tax rates in Europe.

Every year, Ukraine loses at least $50 billion a year to tax evasion.

In May, the government passed a law to stop the illegal flow of money out from the country, but businesses fear it could hurt legitimate cross-border
transactions.

Source: www.kyivpost.com

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