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24 June, 2024
 
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Cyprus and France seal the deal on tax cooperation

Breakthrough deal to slash double taxation

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In a milestone development, Cyprus and France have solidified their commitment to combat double taxation through the signing of a renewed Convention on the Elimination of Double Taxation.

As CNA reports, this pivotal agreement, tracing its roots back to a 1981 accord, was officially reinstated in the contemporary landscape. The signing ceremony, attended by Cyprus' Finance Minister Makis Kerynos and France's Ambassador to Cyprus Salina Grenay-Catalano, marked a crucial step in modernizing and strengthening economic ties between the two nations.

Finance Minister Kerynos, speaking after the signing, expressed his satisfaction, underlining the significance of the Convention in eliminating double taxation concerning income and preventing tax evasion and avoidance. He extended gratitude to Ambassador Catalano for the collaborative spirit that characterized the negotiation process.

The convention, applicable to individuals or legal entities who are tax residents of Cyprus and France, addresses various facets of taxation, including income tax, corporation tax, special levy on defense, and capital gains tax. Minister Kerynos articulated his confidence that this renewed agreement would pave the way for improved economic cooperation and foster conditions conducive to increased mutual investments.

Ambassador Catalano echoed these sentiments, emphasizing the need for the agreement's modernization to align with contemporary rules and circumstances. She stated, "We are very pleased with the signing of this new agreement between France and Cyprus that will provide our citizens as well as our businesses with an updated legal framework in tax matters."

Beyond the economic realm, the accord aims to bolster cooperation between the tax services of both countries, opening up new avenues for collaboration. The overarching goal is to establish a legal framework that aligns with the latest international rules and standards in tax matters. This, she noted, represents a significant advancement in the already robust bilateral relations, especially in the realm of taxation.

As Cyprus and France embark on this new chapter of cooperation, the signing of the renewed Convention on the Elimination of Double Taxation stands as a testament to their commitment to fostering economic collaboration and maintaining a contemporary legal framework in tax matters.

[With information sourced from CNA]

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Cyprus  |  tax  |  EU  |  government  |  finance

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