Cyprus: Signing Of Agreement For The Avoidance Of Double Taxation Between Cyprus And Norway
The Cyprus government has announced the signature of a new double taxation agreement with Norway.
Double taxation avoidance between Cyprus and Norway is currently regulated by the 1951 double tax agreement between Norway and the United Kingdom, which was extended in 1955 to include several British colonies, including Cyprus. On becoming independent, most of the newly independent countries negotiated new arrangements, but Cyprus has not done so until now.
The new agreement is based on the OECD Model and provides for the exchange of information in accordance with the relevant articles of the Model. It will take effect once it has been ratified by both countries.
The Cyprus government attaches great importance to maintaining, updating and expanding Cyprus’s network of double tax treaties in order to attract foreign investment and promote Cyprus as an international business centre, and has expressed confidence that the new agreement will contribute to the further development of trade and economic relations between Cyprus and Norway.