Washington: The Republic of Cyprus and the Kingdom of the Netherlands have formalized an agreement for the elimination of double taxation concerning taxes on income, as well as the prevention of tax evasion and avoidance, specifically pertaining to Cura§ao. The signing took place in Washington, with Ambassador Evangelos Savva representing Cyprus and Minister of Finance Javier Silvania representing Cura§ao.
According to Cyprus News Agency, the newly signed convention aims to provide tax certainty and security to businesses, organizations, and individuals regarding the fiscal treatment of their income and capital gains. This agreement is intended to benefit both existing and new investors. The framework is based on the OECD Model Tax Convention on Income (2017 model) and includes all the minimum standards set by the Base Erosion Profit Shifting (BEPS) project, as endorsed by the OECD and G20.
The Finance Ministry highlighted the significance of expanding and updating the network of double tax agreements. The ministry emphasized that this new agreement is crucial for Cyprus, as it is expected to enhance the country’s role as an international business hub. The signing of this convention is seen as a step towards bolstering Cyprus’s economic and political standing.