Double taxation agreements between Cyprus and five other countries come into effect

The double taxation agreement signed between Cyprus and five other countries including Estonia, Finland, Portugal, Spain and Ukraine came into effect on 1 January 2014.

Additionally, the DTA’s between Cyprus and the first four countries are entirely new agreements, while that with Ukraine replaces the agreement between Cyprus and the USSR, which had been signed by Cyprus and Ukraine after the dissolution of the USSR.

The new DTA agreement s with Estonia, Finland, Portugal and Spain will aim at substantial expansion of economic ties and reciprocal investment activities between Cyprus and the other countries mentioned.

Furthermore, all the new agreements follow the OECD Model Convention.

The revised DTA with Ukraine will include provisions regarding capital gains on disposal of shares in property-rich companies.

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