Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income between the Republic of Cyprus and the Sultanate of Oman
11/12/24 12:39 | Press release | Economy and Finance
The Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income has been signed today, 8th of December 2024, in Muscat of Oman, between the Republic of Cyprus and the Sultanate of Oman. The Treaty was signed by Mr Andreas Kakouris the Permanent Secretary of the Ministry of Foreign Affairs, on behalf of the Republic of Cyprus, and by the Permanent Secretary of the Ministry of Foreign Affairs of the Sultanate of Oman, on behalf of the Sultanate of Oman.
The Agreement reached between the two countries will contribute to the further development of economic relations and enhance co-operation in tax matters between the Republic of Cyprus and the Sultanate of Oman. It also provides tax certainty and security to companies, organisations and individuals on the fiscal treatment of their income and capital gains.
The Agreement is based on the OECD Model Convention for the Elimination of Double Taxation on Income and on Capital and the UN Model Tax Agreement, and incorporates all the minimum standards of the Base Erosion Profit Shifting (BEPS) project, as issued by the OECD/G20.
Expanding and upgrading the network of the Double Taxation Conventions, by signing another one important convention, is of high economic and political importance of the Government, and aims to further strengthen and promote Cyprus as an international business centre.
(MS/NZ)