Cyprus and Egypt have signed a new agreement for the elimination of double taxation with respect to taxes on income and the prevention of fiscal evasion and avoidance, the finance ministry announced on Wednesday.
The new agreement was signed in Cairo during the trilateral summit on Tuesday.
According to the finance ministry, the new text updates the existing agreement signed in December 1993, which entered into force in March 1995.
“The new agreement 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 finance ministry said.
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 centre,” the ministry added.