Economy category powered by

Cyprus and Croatia sign agreement to eliminate double taxation

The Republic of Cyprus and the Republic of Croatia signed an Agreement for the Elimination of Double Taxation with Respect to Taxes on Income and on Capital and the Prevention of Tax Evasion and Avoidance, along with a relevant Protocol.

The agreement was signed during the ECOFIN meeting held on 17 October in Luxembourg.

According to a Ministry of Finance press release, the Agreement, signed by the Cypriot Minister of Finance, Makis Keravnos, and his Croatian counterpart, Marko Primorac, updates an existing agreement dating back to 1985, which was signed between the Republic of Cyprus and the Socialist Federal Republic of Yugoslavia. The agreement was still in force after the country's dissolution.

“The new Agreement will contribute to the further development of trade and economic relations between the two countries, especially after Croatia's accession to the European Union. It also provides tax certainty and security to companies, organisations and individuals on the fiscal treatment of their income and capital gains,” the Ministry points out.

The Agreement is based on the OECD Model Tax Convention 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.

“Expanding and upgrading the network of the Double Taxation Agreements, by signing another important convention, is of high economic and political importance to the Government and aims to further strengthen and promote Cyprus as an international business centre,” the press release concludes.

(Source: CNA)

Read More

CCCI: Reps from 8 German energy companies to hold meetings in Cyprus
Slightly increased tourist arrivals in Cyprus for May 2024
Hourly labour costs in Cyprus up by 4.9% in Q1 2024
Invest Cyprus attends Money 20/20 in Amsterdam
Marina Hadjimanolis: Our ultimate goal is to provide quality services to all shipping companies
The five risks for the Cypriot economy and their potential impact
Cyprus posts fiscal surplus close to €600 million in first quarter of 2024
Cyprus gearing up to tap international markets following upward ratings momentum
FinMin attending Eurogroup, Ecofin, General Affairs Council, ESM, EIB meetings
Cyprus to invest over €3 billion on climate change by 2030, FinMin says