Cyprus and Egypt have signed a new agreement on the avoidance of double taxation.
The agreement was signed in Cairo on Tuesday by the Foreign Ministers of the two countries Nicos Christodoulides and Sameh Shoukry.
The new text updated the existing Agreement that was signed on 19/12/1993 and entered into force on 14/3/1995.
FM @Christodulides, who is in #Cairo today accompanying Pres. @AnastasiadesCY at the Trilateral Summit, took the opportunity to sign with his Egyptian counterpart #SamehShoukry an updated bilateral Agreement on the Avoidance of Double Taxation#Cyprus #Egypt #cooperation pic.twitter.com/prxlIUdUNc
— Cyprus MFA (@CyprusMFA) October 8, 2019
The new Agreement that has been agreed will contribute to further develop the economic relationship and to enhance the co-operation in tax matters between the Government of the Republic of Cyprus and the Government of Arab Republic of Egypt,” the Finance Ministry said.
The Convention is based on the new OECD Model Convention for the Avoidance of Double Taxation on Income and on the UN Model Tax Convention.
Upgrading and expanding the network of Double Taxation Conventions, is of high economic and political importance and aims to further strengthen Cyprus as an international business centre.