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The Republic of Cyprus and the Sultanate of Oman have signed a new agreement aimed at avoiding double taxation and preventing tax evasion. The agreement, signed in Muscat on December 8, is expected to enhance trade and economic ties between the two countries, boosting investment opportunities not just in Cyprus and Oman but across the Middle East.
According to a press release from Cyprus' Finance Ministry, the deal will provide a clear and stable tax framework for transactions between the two nations, offering greater certainty for investors. It also aligns with international tax standards, following the OECD Model Convention for Eliminating Double Taxation on Income and Capital, along with the United Nations Model. Additionally, the agreement incorporates the minimum standards of the Base Erosion and Profit Shifting (BEPS) actions, addressing key concerns related to cross-border taxation.
The Cypriot government views this agreement as a significant step in strengthening Cyprus' position as an international business hub. The addition of this agreement to Cyprus' network of double taxation treaties highlights its importance in fostering stronger economic and political relationships with countries in the region.
[With info from CNA]
