Press Releases

The Convention for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance was signed today 1st day of June 2021 in Nicosia between the Republic of Cyprus and the Kingdom of the Netherlands. On behalf of the Republic of Cyprus the Convention was signed by Mr. Constantinos Petrides, Minister of Finance of the Republic of Cyprus and on behalf of the Kingdom of the Netherlands by Mrs. Elke Merks-Schaapveld, Ambassador of The Netherlands to the Republic of Cyprus.

The text has been agreed between the two countries and it will contribute to further develop the economic relationship and to enhance the co-operation in tax matters between the Republic of Cyprus and the Kingdom of The Netherlands, as The Netherlands is the only European country that the Republic of Cyprus had no such convention with.

The Convention is based on the OECD Model Convention for the Elimination of Double Taxation on Income and on Capital and incorporates all the minimum standards of the Base Erosion Profit Shifting (BEPS) project, as issued by the OECD /G20. Furthermore it includes the exchange of financial and other information in accordance with the relevant Article of the Model Convention.

Expanding and upgrading the network of the Double Taxation Conventions, is of high economic and political importance of the Government and aims to further strengthen and promote Cyprus as an international business center.

(IK/SCH)