Cyprus’ Ministry of Finance has disclosed that the island signed a Double Tax Agreement (DTA) with Saudi Arabia with respect to taxes on income and for the prevention of tax evasion.
A news report by Tax-News.com confirmed that the agreement was signed yesterday in Riyadh during an official visit of the President of Cyprus to Saudi Arabia.
The Convention is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital, and provides for the exchange of financial and other information.
According to the report, the Ministry says the agreement will contribute to developing economic relationship between the two countries and enhance co-operation in tax matters.
It added that upgrading and expanding the island’s network of double tax agreements is critical to strengthening Cyprus as an international business center.