Cyprus and Moldova sign agreement on double taxation

Cyprus and Moldova signed an agreement to avoid double taxation in a bid to enhance trade relations and economic ties. The agreement was signed by Minister of Finance Michalis Sarris and Minister of Finance and Commerce of Moldova Igor Dodon. Both Ministers expressed the common view that the agreement will boost the interest of Cypriot and Moldavian businessmen in investment.
The Moldavian Minister met earlier with Minister of Commerce, Industry and Tourism Antonis Michaelides. According to an official press release, Dodon expressed the view that the entry into force of the agreement would bring Cyprus to the top of the list of foreign countries investing in Moldova.
In statements after the signing ceremony, the Cypriot Minister of Finance referred to the visit of a Cypriot delegation to Moldova last September which “enhanced economic and commercial relations”.
“We sign this important agreement to avoid double taxation and we believe that it will contribute to the enhancement of our commercial and economic relations”, he said.
Sarris assured Moldova that Cyprus will assist Moldova in its EU accession prospect.
In his statements, the Moldavian Minister said that the interest of Cypriot and Moldavian entrepreneurs and businessmen “is very high and growing constantly”.
He referred to the reforms which Moldova has introduced to attract investment, saying that his country is becoming a very interesting place for businessmen.
As regards bilateral relations, Dodon said that in Moldova there are many Cypriot companies and their activities “are extremely successful”.
Referring to a forum in September last year, he said that “all investors have shown a big interest in the real estate field and IT field in Moldova and also a large number of Moldavian entrepreneurs is very interested to develop strong partnerships and collaboration with Cypriot colleagues in the field of tourism and financial field as well”.
“We are very sure that the entry into force of this agreement today will be the beginning of a new stage in the development of our bilateral collaboration. After signing this agreement we plan to organize a Moldavian – Cypriot forum in Cyprus with participation of investors of Moldova”, he added.
The Moldavian Minister expressed conviction that the level of commercial transactions between Cyprus and Moldova will grow in the coming years.
Answering questions, he said that “in Moldova there are 60 joint ventures at this stage” and added that “in comparison to 2006 the exterior trade with Cyprus is two times higher”.
“Direct foreign investment especially from Cyprus grew by 35%”, Dodon continued.
Concluding, he thanked the Cypriot government for its readiness to assist Moldova in its EU accession bid.