The further development of trade and economic relations between Cyprus and Jordan will be helped by the Convention for the Avoidance of Double Taxation and the Prevention of Tax Evasion with regard to Taxes on Income signed on Friday, the Ministry of Finance said in a statement.
According to the statement, on behalf of the Republic of Cyprus, the Convention was signed by Minister of Finance Constantinos Petrides and on behalf of the Kingdom of Jordan, it was signed by Jordanian Deputy Prime Minister and Minister of Foreign Affairs and Expatriates Ayman Al-Safadi.
"The Convention agreed and signed will contribute to the further development of trade and economic relations, as well as the promotion of investment between the Republic of Cyprus and the Hashemite Kingdom of Jordan, and more broadly in the Middle East," it said.
Through the inter-state agreement, it added, "clear tax treatment of transactions between the two states is ensured, providing stability and certainty for investors."
The Convention, it is explained, is based on the OECD Model Convention for the Elimination of Double Taxation on Income and on Capital as well as the UN Model and incorporates all the minimum standards of the Base Erosion of Tax Base and Profit Shifting (BEPS) Actions relating to bilateral conventions.
"The expansion, maintenance and updating of the network of Double Tax Avoidance Treaties, with the addition of yet another new and important convention, is of the highest economic and political importance for the Government, as they contribute to further strengthening and promoting our country as an international business centre," the Ministry of Finance's statement concludes.
Source: CNA
Contents of this article including associated images are owned by Cyprus Times
Views & opinions expressed are those of the author and/or Cyprus Times
Source
