Ministry of Finance of the Republic of Cyprus

10/09/2019 | Press release | Distributed by Public on 10/09/2019 01:18

New Agreement for the Elimination of Double Taxation between the Government of the Republic of Cyprus and the Arab Republic of Egypt

New Agreement for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Fiscal Evasion and Avoidance between the Government of the Republic of Cyprus and the Arab Republic of Egypt

The New Agreement for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Fiscal Evasion and Avoidance between the Government of the Republic of Cyprus and the Arab Republic of Egypt was signed today October 8th 2019 in Cairo, between the Government of the Republic of Cyprus and the Government of the Arab Republic of Egypt. On behalf of the Republic of Cyprus Mr. Nicos Christodoulides, Minister of Foreign Affairs, has signed the Convention and on behalf of the Arab Republic of Egypt Mr. Sameh Shoukry Minister of Foreign Affairs, has signed the Agreement.

The new text is going to update the existing Agreement, that was signed on 19/12/1993 and entered into force on 14/3/1995. The new Agreement that has been agreed will contribute to further develop the economic relationship and to enhance the co-operation in tax matters between the Government of the Republic of Cyprus and the Government of Arab Republic of Egypt.

The Convention is based on the new OECD Model Convention for the Avoidance of Double Taxation on Income and on the UN Model Tax Convention.

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.