The Treaty was signed by the Minister of Finance, Harris Georgiades, on behalf of the Republic of Cyprus, and the Minister of Economics, Dana Reizniece-Ozola, on behalf of the Republic of Latvia.

The Treaty, an official statement said, “will contribute to the further development of the trade and economic relations between the Republic of Cyprus and the Republic of Latvia, as well as with other countries”.

The update, maintenance and extension of the existing network of Treaties for the Avoidance of Double Taxation, which are of great economic and political importance, aim at further enhancing and attracting foreign investments and promoting Cyprus as an international business centre, it added.

The Treaty is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital.

Source: Famagusta Gazette