By Stelios Orphanides
Cyprus and Saudi Arabia signed a double taxation avoidance treaty on Wednesday, the second day of President Nicos Anastasiades’ visit to the kingdom, as part of the two nations’ efforts to strengthen their bilateral relations, the finance ministry said.
Foreign minister Ioannis Kasoulides and Saudi Minister of Finance Abdullah Al-Jadaan signed the double taxation treaty, the finance ministry said.
After signing the convention for the avoidance of double taxation for taxes on income and for the prevention of tax evasion with Saudi Arabia, the number of such treaties signed by Cyprus rose to 63..
The ministry said that the agreement will contribute to further develop bilateral economic ties and enhance cooperation in tax matters.
“The convention is based on the Organisation for Economic Cooperation and Development’s (OECD) model convention for the avoidance of double taxation on income and on capital and it includes the exchange of financial and other information in accordance with the relevant article of the model convention,” the finance ministry said. “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 centre”.