Cyprus and Saudi Arabia Sign Double Tax Agreement

The Convention for the avoidance of double taxation with respect to taxes on income and for the prevention of tax evasion between the Republic of Cyprus and the Kingdom of Saudi Arabia was signed today January 3^rd, 2018 in Riyadh. The Convention was signed during the official visit of the President of the Republic of Cyprus to Saudi Arabia. On behalf of the Republic of Cyprus Mr. Ioannis Kasoulides, Minister of Foreign Affairs of the Republic of Cyprus signed the Treaty and on behalf of the Kingdom of Saudi Arabia Mr. Mohammad Abdullah Al-Jadaan, Minister of Finance OF Saudi Arabia, signed the Treaty.

The Convention will contribute to further develop the economic relationship and to enhance the co-operation in tax matters between the two States.

The Convention is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital and it includes the exchange of financial and other information in accordance with the relevant Article of the Model 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 center.

Source: Cyprus Ministry of Finance