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The Republic of Cyprus and the Republic of Croatia have inked a significant Agreement for the Elimination of Double Taxation during the ECOFIN meeting in Luxembourg. Cypriot Minister of Finance, Makis Keravnos, and his Croatian counterpart, Marko Primorac, sealed this deal, marking an update to a 1985 agreement. This move is set to foster trade and economic ties, particularly following Croatia's European Union membership, offering tax predictability to businesses and individuals. The Agreement adheres to OECD guidelines and incorporates the Base Erosion Profit Shifting project, reflecting Cyprus's commitment to being an international business hub.
According to a Ministry of Finance statement, "Expanding and upgrading the network of the Double Taxation Agreements, by signing another important convention, is of high economic and political importance to the Government and aims to further strengthen and promote Cyprus as an international business center." This underscores the strategic significance of this agreement in bolstering Cyprus's position as an international business hub.
[Information sourced from CNA]
