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20-07-2020 11:57

Statement by Minister of Finance, Mr Constantinos Petrides, at the signing of the Protocol for the Avoidance of Double Taxation between Cyprus and the Swiss Confederation

It is with great pleasure that I stand here today to officially countersign the Convention for the Avoidance of Double Taxation with respect to taxes on income and on capital, between the Government of the Republic of Cyprus and the Government of the Swiss Confederation.

The signing of this Protocol emphasises the very good relations in the economic and political sphere between the two jurisdictions.

The Protocol is going to amend the existing Convention that was signed back in 2014. The signed Protocol introduces, among others, the minimum standards of the Base Erosion and Profit Shifting (BEPS) actions of the Organization for Economic Co-operation and Development, related to bilateral agreements and other amendments that have been bilaterally agreed upon.

I look forward for further advancing and strengthening a mutual beneficial relationship between Cyprus and Switzerland.

The Republic of Cyprus is confident that an environment that provides certainty also in tax matters is conducive for the promotion of investments and growth and job creation.

(EK/II)