Cyprus & World News

Cyprus and Norway sign agreement to avoid double taxation

25 February, 2014

Cyprus and Norway have signed an Agreement on the Avoidance of Double Taxation and the Prevention of Tax Evasion, concerning Income Taxes, as well as a relevant Protocol.

The Agreement was signed on Monday at the Ministry of Finance in Nicosia between Minister of Finance Harris Georgiades and Norwegian Ambassador to Cyprus Sjur Larsen.

In statements, Georgiades said such agreements were important for the further expansion of commercial and financial relations with significant economies, such as Norway.

He said the effort to update, maintain and expand the network of double taxation agreements was one of the most important pylons in the government`s policy.

Furthermore, the Agreement aims at attracting and enhancing foreign investments, and promoting Cyprus as an international business centre.

The Agreement is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital, and provides for the exchange of information.