Cyprus and Andorra signed on Friday signed a double taxation avoidance during the 128th session of the Ministers of Foreign Affairs of the Council of Europe.
Foreign Minister Nicos Christodoulides, signed the treaty on behalf of Cyprus and Foreign Minister Maria Ubach Font on behalf of Andorra.
According to an announcement, the text agreed between the two jurisdictions will contribute to further develop the economic relationship and to enhance the co-operation in tax matters between the Republic of Cyprus and the Principality of Andorra, as Andorra is one of the few European jurisdictions that Cyprus had no such convention with.
The Convention is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital and incorporates all the minimum standards of the Base Erosion Profit Shifting (BEPS) project, as issued by the OECD/G20.
Furthermore, it includes the exchange of financial and other information in accordance with the relevant Article of the Model Convention.