Cyprus and Egypt signed updated Treaty for the avoidance of double taxation

Cyprus and Egypt signed on Tuesday an updated Agreement for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Fiscal Evasion and Avoidance, incorporating the OECD model convetion.
 
The agreement was signed in Cairo, Egypt, by Cypriot Foreign Minister Nikos Christodoulides and his Egyptian counterpart, Sameh Shoukry. Christodoulides visited Cairo to take part in the Trilateral Summit between Egypt, Greece and Cyprus.
 
According to a press release issued by the Cyprus Finance Ministry, the new text will update the existing Agreement, that was signed on 19/12/1993 and entered into force on 14/3/1995.
 
“The new Agreement will contribute to further develop the economic relationship and to enhance the co-operation in tax matters between the Government of the Republic of Cyprus and the Government of Arab Republic of Egypt,” the Finance Ministry said.
 
The Convention is based on the new OECD Model Convention for the Avoidance of Double Taxation on Income and on the UN Model Tax 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,” the Finance Ministry added.