Overview

Cyprus continues to sign conventions and protocols in order to enhance it tax treaty status with a number of trading partners. In addition to recent developments regarding treaties with Ukraine and Russia, Cyprus has also recently signed new treaties with Germany, Slovenia, Denmark and Kuwait.

Harneys provides a summary of these developments:

• Contrary to widespread expectations, Cyprus has not been included on the new blacklist issued by Ukraine on 23 February 2011.

• The protocol to the 1998 double tax treaty between Cyprus and Russia (Protocol) is expected to come into effect on 1 January 2012. The Protocol reinforces Cyprus’ position as the jurisdiction of choice for both inbound and outbound investments between Russia and the rest of the world.

• Cyprus and Germany have signed a new agreement for the avoidance of double taxation which will become effective at the earliest on 1 January 2012.

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