Cyprus, Iceland sign double taxation agreement

Cyprus and Iceland have signed a double taxation agreement based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital, the Finance Ministry said in a statement on Friday. By signing this agreement both countries aim to strengthen their trade and economic relations. “Updating, maintaining existing and signing new double taxation treaties is part of the drive to enhance and attract foreign investments, as well as of promoting Cyprus as an international business hub,” the statement also said. Cyprus has double taxation treaties with more than 50 countries.