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Switzerland and Cyprus signed a protocol to an agreement on the avoidance of double taxation.
On July 20 (this Monday) Switzerland and Cyprus signed a Protocol on Amendments to the Agreement on Avoidance of Double Taxation and Counteraction to Tax Avoidance.
We remind you that the corresponding Agreement between the countries has been in force since 2019 and covers almost all areas of activity of Cypriot residents. Namely, it applies to all types of income taxes and levies, including income from capital gains and the sale of property. For example, income from the sale of real estate, according to the terms of the Agreement, is subject to taxation in the country of its actual location. At the moment, Cyprus has signed Double Tax Treaties with 66 countries, including Andorra, Sweden, Jersey, Hungary, Malta, Guernsey, Spain, Estonia and others.
The signed protocol introduces the Organization for Economic Cooperation and Development’s minimum BEPS standards (regarding bilateral agreements, harmful tax practices, country-specific reporting and dispute resolution mechanism), which was agreed by the two parties. Also included in the Agreement are provisions on eligibility for benefits.
The Cyprus Finance Minister, Konstantinos Petridis, who signed the protocol on behalf of the Republic of Cyprus, noted that the conditions that provide certainty in tax matters are conducive to investment attraction, growth and job creation.
We also note that in the near future, Cyprus, according to the EU recommendation, plans to make a number of changes to tax legislation aimed at strengthening the fight against improper behavior of taxpayers.