The Cabinet on Wednesday approved an agreement for double taxation avoidance and the prevention of tax evasion regarding income taxes as well as the relevant protocol between the Republic of Cyprus and the Sultanate of Oman.
According to Finance Minister Makis Keravnos, the agreement encompasses all the essential provisions required for bilateral agreements, as outlined by the Organisation for Economic Cooperation and Development (OECD) to address tax base erosion and profit-shifting concerns related to such treaties.
The Minister stressed the importance of this agreement for Cyprus, particularly due to the strategic geographical location of the Sultanate of Oman, situated in the heart of the Middle East and sharing borders with Saudi Arabia, the UAE, and Yemen.
According to Keravnos, this agreement is poised to foster investment and trade activities, providing a conducive environment to bolster economic and commercial relations between Cyprus and the Sultanate of Oman.