Source: CNA
The Council of Ministers approved on Wednesday an agreement for double taxation avoidance and the prevention of tax evasion regarding income taxes as well as the relevant protocol between the Republic of Cyprus and the Sultanate of Oman, Minister of Finance, Makis Keravnos said after the Cabinet meeting.
Keravnos said that the agreement is based on the OECD model of double taxation agreement and the UN model, and it contains all minimum conditions concerning bilateral agreements as defined by the actions issued by the OECD for the tax base erosion and profit shifting related to bilateral tax treaties.
He added that this is of great importance for the Republic of Cyprus as the Sultanate of Oman is geographically located in the heart of the Middle East and borders Saudi Arabia, the UAE, and Yemen.
It will help, he said, encourage investment and trade and will undoubtedly further favour economic and commercial relations between Cyprus and the Sultanate of Oman.
