news | 18 October 2017 | ServPRO Accountants & Consultants

Cyprus-Iran Double Tax Treaty officially ratified

On the 4 of August 2015, Cyprus and the Islamic Republic of Iran signed a Double Taxation Treaty (DTT), based on the OECD Model Tax Convention, which paved the way for increased trade and investment between the two countries.

The ratification procedures were completed early in 2017 and as a result the said DTT entered into force on the 5 March 2017 and will apply from the 1st January 2018 onwards.

The provisions of the DTT apply to Cyprus as following:

in respect of taxes withheld at the source, in amounts paid or credited during or after the 1st of January 2018 and
in respect to other related taxes, in any tax year commencing during or after the 1st of January 2018.

Lastly it should be noted that according to the Protocol, the provisions of the second paragraph of Article 10 will apply from the date of taxation on the dividends received by non-residents from one or both of the Contracting States.

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