RIYADH: January 3 2018 Cyprus and Saudi Arabia signed an agreement for the avoidance of double taxation with respect to taxes on income and the prevention of tax evasion. The agreement, which was signed during the president’s recent official visit to Saudi Arabia, is based on the Organisation for Economic Cooperation and Development Model Convention for the Avoidance of Double Taxation on Income and on Capital and provides for the exchange of financial and other information in accordance with the relevant article of the convention.
The agreement will take effect once formal ratification procedures have been completed. Upgrading and expanding the network of double taxation agreements to strengthen Cyprus further as an international business centre is a government priority.
