Cyprus abolishes double taxation with Kuwait, Slovenia

The Council of Ministers approved Monday an agreement to avoid double taxation with Kuwait and Slovenia, Deputy Government Spokesman Christos Christofides announced.

Following the meeting of the Ministerial Council, Christofides said that the agreement between Cyprus and the two countries will eventually lead to the deepening of economic relations and may help boost foreign investment, particularly from Kuwait.

Christofides also announced the conclusion of an agreement with Libya, which provides for the settlement of pending financial obligations to Cypriot companies.

Libya agreed to pay an outstanding debt of 8,5 million euro to companies from Cyprus, until March 15, 2011, Christofides said.