Cyprus and Czech Republic sign tax avoidance accord

Minister of Finance Charilaos Stavrakis said on Tuesday that the agreement to avoid double taxation, signed between Cyprus and the Czech Republic, would give many motives to Czech businesspeople to invest in Cyprus and Cypriot or foreign investors to invest in the Czech Republic through Cyprus.
The agreement was signed on Tuesday by Stavrakis and Czech Ambassador in Nicosia Jan Bondy, as part of the programme to increase the agreements with European and other countries. Stavrakis said the agreement with the Czech Republic is ''very favourable''.
The agreement replaces the previous agreement between Cyprus and former Czechoslovakia, and will greatly contribute to the development of commercial and financial relations between the Republic of Cyprus and the Czech Republic.