Insider Economy Cyprus, Germany amend Convention for Avoidance of Double Taxation

Cyprus, Germany amend Convention for Avoidance of Double Taxation

Cyprus and Germany signed on Friday a protocol amending the Convention for the Avoidance of Double Taxation with respect to Taxes on Income and on Capital, between the two countries.

According to a press release by the Ministry of Finance, the Protocol was signed in Nicosia between the Government of the Republic of Cyprus and the Federal Republic of Germany. On behalf of the Republic of Cyprus, the protocol was signed by the Minister of Finance,  Constantinos Petrides and on behalf of the Federal Republic of Germany, the Protocol was signed by the Ambassador of Germany to Cyprus Franz Josef Kremp.

The signed Protocol introduces, among others, the minimum standards of the Base Erosion and Profit Shifting (BEPS) actions of the Organization for Economic Co-operation and Development, related to bilateral agreements and other amendments that have been bilaterally agreed upon.

Since the Double Taxation Convention with the German Federation has not been covered by the Multilateral Convention, the aim of which was to introduce automatically and expedite BEPS Actions, the main amendments in the protocol include the incorporation of specific wording in the Preamble of the Convention and the amendment of the relevant entitlement to benefits article ‘Application of the Agreement in Special Cases’ Article. In addition, specific wording was introduced in the ‘Business profits’ Article.

The Ministry notes that upgrading and expanding the network of Double Taxation Conventions, is of high economic and political importance and aims to further strengthening and attracting investments by promoting Cyprus as an international business centre.

(CNA)

Top Stories

70-year-old was taking advantage of minor with promises and exchanges

The Supreme Court rejected an appeal filed by a man accused of sexually abusing a minor against his sentence. The Court pointed out that...

60 confirmed cases of COVID-19 in Limassol schools

At least 60 confirmed cases of COVID-19 have been found in seven schools in Limassol both regarding students and teachers. According to a school board...

42-year-old man in court for driving under influence

A 42-year-old man will appear before the Court on 8 April accused of driving a car under the influence of alcohol. According to the Police,...

Daring defector swims from North to South Korea

New video obtained by a South Korean broadcaster offers a glimpse of a daring defection by a North Korean man who last week swam,...

UNSG to convene informal 5+1 meeting on Cyprus on April 27-29 in Geneva

The UN Secretary-General intends to convene an informal five-plus-one meeting on the Cyprus issue in Geneva, Switzerland, from 27 to 29 April 2021, Spokesperson...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...