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Cyprus expands its Double Tax Treaty network
23.01.2014

In the past weeks Cyprus concluded or ratified new Double Tax Treaties with a number of other countries, a move which will enhance and promote Cyprus’s position as an international centre for investments.

1. Double tax treaty between Cyprus and Ukraine

On 4 July 2013, the Ukrainian Parliament ratified the new Convention between Cyprus and Ukraine for the avoidance of double taxation and prevention of fiscal evasion, as well as a protocol to the Convention (together the “Treaty”). The Treaty came into force on 1 January 2014 and on that date the old Cyprus – USSR treaty of 1982 ceased to apply as between the two countries.

2. Double tax treaty between Cyprus and Portugal

The two countries signed a Treaty for the avoidance of double taxation and prevention of fiscal evasion on 19 November 2012, which was ratified and came into effect on 16 August 2013.

The relevant provisions of this treaty apply (i) to taxes withheld at source, on income paid or credited after 1 January 2014 and (ii) to taxes on income of any tax year starting on 1 January 2014.

3. Double tax treaty between Cyprus and Lithuania

The two countries signed a Treaty for the avoidance of double taxation and prevention of fiscal evasion on 27 December 2012, which was ratified by Cyprus on 4 December 2013.

The treaty will come into effect as soon as the countries complete certain formalities.

4. Double tax treaty between Cyprus and Estonia

The two countries signed a Treaty for the avoidance of double taxation and prevention of fiscal evasion on 15 October 2012, which was ratified and came into effect on 8 October 2013.

The relevant provisions of this treaty apply (i) to taxes withheld at source, on income paid or credited after 1 January 2014 and (ii) to taxes on income of any tax year starting on 1 January 2014.

5. Double tax treaty between Cyprus and Finland

The two countries signed a Treaty for the avoidance of double taxation and prevention of fiscal evasion on 15 November 2012, which was ratified and came into effect on 27 April 2013.

The relevant provisions of this treaty apply (i) to taxes withheld at source, on income paid or credited after 1 January 2014 and (ii) to taxes on income of any tax year starting on 1 January 2014.

6. Double tax treaty between Cyprus and Kuwait

The two countries signed a Treaty for the avoidance of double taxation and prevention of fiscal evasion on 5 October 2010, which was ratified and came into effect on 25 October 2013.

The relevant provisions of this treaty apply (i) to taxes withheld at source, on income paid or credited after 1 January 2014 and (ii) to taxes on income of any tax year starting on 1 January 2014.

7. Double tax treaty between Cyprus and India

In November 2013 the Government of India included Cyprus as a "notified jurisdictional area" under the Indian domestic income-tax law. The existing Cyprus – India remains in force, but the listing of Cyprus as a “notified area” would have adverse implications for investments taking place in India through Cyprus.

Since December 2013 the Cyprus Government and the Government of India have agreed to re-negotiate the existing treaty, looking to sign a new Double tax treaty in the first part of 2014.

 

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