The Ministry of Finance has announced that, on the 17th of December 2021 in Nicosia, an Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income was signed between the Republic of Cyprus and the Hashemite Kingdom of Jordan. The Treaty was signed by the Minister of Finance Mr. Constantinos Petrides on behalf of the Republic of Cyprus and by the Jordanian Deputy Prime Minister and Minister of Foreign Affairs and Expatriates, Mr. Ayman Al Safadi on behalf of the Hashemite Kingdom of Jordan. The agreement reached between the two countries will contribute to further develop economic relations and enhance co-operation in tax matters between the Republic of Cyprus and the Hashemite Kingdom of Jordan and provides tax certainty and security to companies, organisations and individuals on the fiscal treatment of their income and capital gains.
The agreement is based on the OECD Model Convention for the Elimination of Double Taxation on Income and on Capital and the UN Model Tax Agreement and incorporates all the minimum standards of the Base Erosion Profit Shifting (BEPS) project, as issued by the OECD /G20. Expanding and upgrading the network of the Double Taxation Conventions, by signing another one important convention, is of high economic and political importance of the Cyprus Government and aims to further strengthen and promote the country as an international business center.
For further information please contact a member of our tax team or your usual contact at Elias Neocleous & Co. LLC.