Republic of Cyprus and the Principality of Andorra signed Friday the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income at Elsinore of Denmark, during the 128th session of the Ministers of Foreign Affairs of the Council of Europe.
Minister of Foreign Affairs Nikos Christodoulides, signed the Treaty and on behalf of Cyprus and Minister of Foreign Affairs Maria Ubach Font on behalf of Andorra.
According to an announcement by the Ministry of Finance, the text h agreed between the two Juristictions will contribute to further develop the economic relationship and to enhance the co-operation in tax matters between the Republic of Cyprus and the Principality of Andorra, as Andorra is one of the few European jurisdictions that the Republic of Cyprus had no such convention.
The Convention is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital and incorporates all the minimum standards of the Base Erosion Profit Shifting (BEPS) project, as issued by the OECD/G20. Furthermore, it includes the exchange of financial and other information in accordance with the relevant Article of the Model Convention.