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The Agreement for the
Elimination of Double Taxation with Respect to Taxes on Income and on Capital
and the Prevention of Tax Evasion and Avoidance, and its Protocol between the
Republic of Cyprus and the Republic of Croatia signed today October 17, 2023
in Luxembourg, within the context of the ECOFIN meeting. The Agreement was
signed by the Minister of Finance, Mr Makis Keravnos, on behalf of the
Republic of Cyprus and by the Croatian Minister of Finance, Mr Marko
Primorac. The signed Agreement updates
the existing Agreement which was signed in June 1985, between the Republic of
Cyprus and the Socialist Federal Republic of Yugoslavia, which was in force
after its dissolution. The new Agreement will contribute to the further
development of trade and economic relations between the two countries,
especially after Croatia's accession to the European Union It also provides tax certainty
and security to companies, organisations and individuals on the fiscal
treatment of their income and capital gains. The Agreement is based on the
OECD Model Tax Convention 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. Expanding and upgrading the
network of the Double Taxation Agreements, by signing another important
convention, is of high economic and political importance for the Government
and aims to further strengthen and promote Cyprus as an international
business center. (AP/SCH) |
