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Cyprus double tax treaty network expanded, 3 more tax agreements signed with Norway, Spain, Lithuania

Cyprus double tax treaty network expanded, 3 more tax agreements signed with Norway, Spain, Lithuania

OSLO: Cyprus’ double tax treaty network has been expanded with three new agreements with Spain, Lithuania and Norway becoming effective , boosting the island’s services sector that has been hammered by Russia’s intentions to clamp down on offshore interest and provide an amnesty for the repatriation of funds.

New treaties were also signed with Switzerland, Guernsey and Iceland in 2014, but these will only enter into force once both sides conclude their ratification process.

“All of the new treaties concluded by Cyprus are generally based on the Organization for Economic Co-operation and Development (OECD) Model Tax Convention framework with a number of modifications. It is worth noting that each treaty contains an article providing for the exchange of information which is based on article 26 of the OECD Model Tax Convention on Income and on Capital,” said Phillippos Raptopoulos and Petros Liassides of Ernst & Young Cyprus