Tax Update: Cyprus-Saudi Arabia Double Tax Treaty signed

Cyprus and Saudi Arabia have signed a Convention for the avoidance of double taxation with respect to taxes on income and for the prevention of tax evasion on 3 January 2018 in Riyadh, during the official visit of the President of the Republic of Cyprus to Saudi Arabia.

The treaty is based on the OECD Model Tax Convention for the Avoidance of Double Taxation on Income and on Capital and it includes the exchange of financial and other information.

As was mentioned in the official press release, upgrading and expanding the network of Double Taxation Conventions of Cyprus is of high economic and political importance as it aims at strengthening Cyprus’s position as an international business center.

The treaty has not yet been published in the Official Gazette of the Republic and ServPRO undertakes to provide you with more details once the treaty will be officially published.