Cyprus and Egypt sign Double Taxation Avoidance agreement
A new Convention for the elimination of double taxation with respect to taxes on income and the prevention of fiscal evasion and avoidance was signed on 08.10.2019 in Cairo, Egypt, between the Republic of Cyprus and the Arab Republic of Egypt.
On behalf of the Republic of Cyprus, the treaty was signed by the Minister of Affairs Nikos Christodoulides and on behalf of the Arab Republic of Egypt by the Minister of Affairs Sameh Shoukry.
The new convention updates the existing agreement signed in December 1993, which entered into force in March 1995.
According to the Finance Ministry the new convention will contribute to further develop the economic relationship between the government of the Republic of Cyprus and the government of Arab Republic of Egypt.
The Treaty is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on the UN Model.
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.
Partner - Tax Department
Officer - Tax Department
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companies are conducting business, each of which is a separate legal entity.