Cyprus Swiss Association: Cyprus and Switzerland amend their double tax agreement

On 29^th September 2020 at The Landmark Nicosia, the Cyprus Swiss Association presented the event titled “Cyprus and Switzerland amend their double tax agreement: the way forward toenhance economic cooperation between the countries”. The event was organised under the auspices of the Embassy of Switzerland in Cyprus and sponsored by KPMG in Cyprus.

The event elaborated on the details of the Protocol signed on 20 July 2020 in Nicosia between Switzerland and Cyprus, amending the Agreement for the avoidance of double taxation between the countries, with respect to taxes on income and capital.The Protocol implements the minimum standards for double taxation agreements from the Base Erosion and Profit Shifting (BEPS) actions of the Organisation for Economic Co-operation and Development (OECD).

H.E. the Ambassador of Switzerland in Cyprus Dr. Pierre-Yves Fux, in his welcome address noted that the Agreement that was originally signed in 2014 and as amended in 2020 by the Protocol, is an important tool for the economic relations between Cyprus and Switzerland and therefore, the creation of growth and jobs.

Two experts of KPMG in Cyprus, Board Members Mr. Costas Markidesand Mr. Antonis Rouvas presented the advantages of the Agreement and in particular, how the Agreement can benefit the fund industry.

The event attended more than 60 officials and business representatives operating in various industries. There was a cocktail reception at the end, in which the participants had the opportunity to network and exchange views on the presentations delivered.