InsiderEconomyDouble Taxation Agreement with Jordan will further develop economic relations

Double Taxation Agreement with Jordan will further develop economic relations

An Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income signed on Friday between Cyprus and Jordan, will contribute to further develop economic relations and enhance co-operation in tax matters between the two countries, the Finance Ministry has said in a press release.

The Treaty, the press release says, was signed by the Minister of Finance Constantinos Petrides on behalf of the Republic of Cyprus and by the Jordanian Deputy Prime Minister and Minister of Foreign Affairs and Expatriates, Ayman Al Safadi on behalf of the Hashemite Kingdom of Jordan.

“The Agreement reached between the two countries will contribute to further develop our economic relations and enhance co-operation in tax matters between the Republic of Cyprus and the Hashemite Kingdom of Jordan,” the Ministry notes in the press release.

“It also provides tax certainty and security to companies, organisations and individuals on the fiscal treatment of their income and capital gains,” it adds.

The Agreement is based on the OECD Model Convention for the Elimination of Double Taxation on Income and on Capital and the UN Model Tax Agreement and incorporates all the minimum standards of the Base Erosion Profit Shifting (BEPS) project, as issued by the OECD /G20.

“Expanding and upgrading the network of the Double Taxation Conventions, by signing another one important convention, is of high economic and political importance of the Government and aims to further strengthen and promote Cyprus as an international business centre,” the press release concludes.

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