The Cyprus government announced on the 24.02.2014 the signature of a new double taxation agreement with Norway.
A statement issued stated that the text agreed between the finance ministries of the two countries would contribute to the further development of trade and economic relations between Cyprus and Norway, as well as other countries.
The statement further added that “the updating, maintenance and expansion of the existing network of double tax treaties is aimed at further strengthening and attracting foreign investment and promoting Cyprus as an international business centre.”
The new agreement is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and Capital. It will take effect once it has been ratified by both countries.
There are currently over 50 double taxation treaties in force in Cyprus. Double taxation treaties help dismantle the barriers surrounding cross-border economic transactions.
Theodorou Law is a Cyprus law firm with Cyprus lawyers and other legal experts on legal matters involving Cyprus law, EU law and international law. The above should be used as a source of general information only. It is not intended to give a definitive statement of the law and is subject to the disclaimer
Our firm routinely answers queries from individuals and corporate clients on tax law. If you have a query or wish to receive further information, please contact us using [email protected]