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Tax agreement with OECD

12/06/2017 09:44
Cyprus has signed the OECD multilateral treaty on double taxation, known as Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS).

An official press release said on Friday that the OECD multilateral Convention was signed by the Ambassador of Cyprus to the Organisation, Pantias Eliades.

“By signing the OECD`s Multilateral Tax Convention, the Republic of Cyprus intends to modify all existing Double Tax Treaties with minimum standards” the press release noted.

Ministers and high-level officials from 76 countries and jurisdictions signed the convention on 7 June, in Paris.

The signing of the Convention marks an important milestone in the international tax agenda, which is moving closer to the goal of preventing base erosion and profit shifting (BEPS) by multinational enterprises, the press release noted.

The new convention which is the first multilateral treaty of its kind, allows jurisdictions to adopt measures to update their bilateral tax agreements and crack down on tax evasion, it read.