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The government of Egypt has confirmed the double tax treaty with the Republic of Cyprus.

The confirmation came through Egyptian president Abdel Fattah Al-Sisi who ratified the agreement.

The double tax treaty between the two countries was first signed in October of 2018 and was subsequently approved by the Egyptian parliament in July of 2020.

The agreement was officially announced in Cyprus’ official government gazette on Sunday, October 24, while it has also been reported in Egyptian newspaper Al-Ahram.

Double tax treaties aim to avoid international double taxation while at the same time helping to combat tax evasion.

The Ministry of Energy, Commerce and Industry announced that, for the purpose of equal treatment of Republic of Cyprus citizens wishing to do business in areas within the British Sovereign Bases, it has prepared an analogous sponsorship programme to fund new business activity within those areas.

The plan aims to develop, support and promote entrepreneurship, while prioritizing specific population groups such as young people and women who wish to do business in any economic activity other than those mentioned in the relevant guidelines.

The amount of the programme’s funding is capped at 70 per cent for young people aged 18-29, while for men aged 30-50 and women aged 30-55 the percentage of the sponsorship will be capped at 60 per cent.

The sponsorship is calculated on the eligible costs of the investment (equipment, special facilities, construction, purchase or renovation, promotion and other costs), with the maximum eligible budget per company being €120,000.

The Cyprus Stock Exchange (CSE) was disrupted on Monday, October 25, when trading had to be temporarily suspended due to technical issues.

“The Cyprus Stock Exchange announces to investors and other market participants that due to a technical problem, the Oasis trading system is temporarily suspended”, a press release said.

“We will immediately inform you once the trading system is back up and running,” the press release added.

The Oasis trading system was restored at 15:15 in the afternoon after the issues causing the problem were resolved.

The CSE confirmed that despite the technical issues it would not postpone or otherwise alter the stock exchange’s closing time.

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