05/15/2019 | Press release | Distributed by Public on 05/15/2019 11:45
Announcement of the Ministry of Finance of the Republic of Cyprus
Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income between the Government of the Republic of Cyprus and the Government of the Republic of Kazakhstan
The Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income was signed today May 15th 2019 in Nursultan, between the Government of the Republic of Cyprus and the Government of the Republic of Kazakhstan. On behalf of the Republic of Cyprus Mr. Nicos Christodoulides, Minister of Foreign Affairs, has signed the Convention and on behalf of the Republic of Kazakhstan Mr. Alikhan Smailov, First Deputy Prime Minister and Minister of Finance, has signed the Convention.
The agreement with Kazakhstan is considered very important for Cyprus, as it is expected to further contribute to the development of trade and economic relations between the Republic of Cyprus and Kazakhstan, while bringing new opportunities and better protection for taxpayers in both countries. Kazakhstan is located in the heart of Eurasia and is a bridge between East and West and this will further encourage investment from/to Europe and America through Cyprus.
The Convention is based on the new OECD Model Convention for the Avoidance of Double Taxation on Income.
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 center.