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Cyprus - Iceland double tax treaty enters into force
Area(s) of Practice: Налоговое право

On 13 November 2014, Cyprus signed and ratified a Treaty for the avoidance of Double Taxation with Iceland, with respect to Taxes on Income.

This Treaty is expected to enhance the development of trade and economic relations between Cyprus, Iceland, and other countries. It is based on the Model Convention for the Avoidance of Double Taxation of the OECD (OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital).

The updating, maintenance and expansion of the existing network of Double Tax Treaties is of high economic and political importance, and aims at strengthening and attracting foreign investment and promoting Cyprus as an international business center.

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