The agreement will contribute to further developing trade and financial relations between the two countries as well as with other countries, a Ministry of Finance press release says.
It continues noting that by bringing up to date, maintaining existing and signing new such double taxation treaties is part of the drive to enhance and attract foreign investments, as well as of promoting Cyprus asan international business hub.
The agreement is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital.
In Cyprus there are currently over 50 double taxation treaties in force.
Source: Famagusta Gazette