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Economic News
by admin | July 20, 2020 | 0 Comments

Cyprus and Switzerland signed on July 20th 2020  a protocol for the avoidance of double taxation.

The agreement was signed between Finance Minister Constantinos Petrides and the Ambassador of Switzerland to Cyprus Dr Pierre-Yves Fux in Nicosia.

The signed Protocol introduces, among others, the minimum standards of the Base Erosion and Profit Shifting (BEPS) actions of the Organisation for Economic Co-operation and Development, related to bilateral agreements and other amendments that have been bilaterally agreed upon.

The government said in a statement that since the Double Taxation Convention with the Swiss Federation has not been covered by the Multilateral Convention, the aim of which was to introduce  automatically and speedily BEPS Actions, the main amendments in the protocol include the incorporation of specific wording in the Preamble of the Convention and the introduction of the ‘Entitlement to Benefits’’ Article. In addition, specific wording was introduced in the ‘Mutual Agreement Procedure’ Article.

“Upgrading and expanding the network of Double Taxation Conventions is of high economic and political importance and aims to further strengthening and attracting   investments by promoting Cyprus as an international business centre,” a written statement said.

Cyprus was confident that an environment that provides certainty in tax matters was conducive for the promotion of investments and growth and job creation, the minister added.

The government’s announcement follows:


Announcement of the Ministry of Finance of the Republic of Cyprus

Protocol amending the Convention for the Avoidance of Double Taxation with respect to Taxes on Income and on Capital between the Government of the Republic of Cyprus and the Swiss Federal Council

The Protocol for the Avoidance of Double Taxation with respect to Taxes on Income and on Capital was signed today July 20th 2020 in Nicosia between the Government of the Republic of Cyprus and the Swiss Confederation. On behalf of the Republic of Cyprus the protocol was signed by Mr. Constantinos Petrides, Minister of Finance, and on behalf of the Swiss Confederation, the Protocol was signed by the Ambassador of Switzerland to Cyprus Honorable Dr. Pierre-Yves Fux.

The signed Protocol introduces, among others, the minimum standards of the Base Erosion and Profit Shifting (BEPS) actions of the Organization for Economic Co-operation and Development, related to bilateral agreements and other amendments that have been bilaterally agreed upon.

Since the Double Taxation Convention with the Swiss Federation has not been covered by the Multilateral Convention, the aim of which was to introduce  automatically and speedily BEPS Actions, the main amendments in the protocol include the incorporation of specific wording in the Preamble of the Convention and the introduction of the ‘Entitlement to Benefits’’ Article. In addition, specific wording was introduced in the ‘Mutual Agreement Procedure’ Article.

Upgrading and expanding the network of Double Taxation Conventions, is of high economic and political importance and aims to further strengthening and attracting   investments by promoting Cyprus as an international business center.

20/07/2020

—————————————————————————————

Signing ceremony of the Protocol amending the existing Convention for the Avoidance of Double Taxation with respect to Taxes on Income and on Capital between the Government of the Republic of Cyprus and the Swiss Confederation

 

Statements by Minister of Finance Constantinos Petrides

It is with great pleasure that I stand here today to officially countersign the Convention for the Avoidance of Double Taxation with respect to taxes on income and on capital, between the Government of the Republic of Cyprus and the Government of the Swiss Confederation.

The signing of this Protocol emphasises the very good relations in the economic and political sphere between the two jurisdictions.

The Protocol is going to amend the existing Convention that was signed back in 2014.

The signed Protocol introduces, among others, the minimum standards of the Base Erosion and Profit Shifting (BEPS) actions of the Organization for Economic Co-operation and Development, related to bilateral agreements and other amendments that have been bilaterally agreed upon.

I look forward for further advancing and strengthening a mutual beneficial relationship between Cyprus and Switzerland.

The Republic of Cyprus is confident that an environment that provides certainty also in tax matters is conducive for the promotion of investments and growth and job creation.

20/07/2020

For more information about Cyprus Companies Formation and Cyprus Tax & Legal System, do not hesitate to contact us.

  • Tags : Cyprus, cyprus company formation, double taxation avoidance, switzerland
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