An Settlement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Revenue signed on Friday between Cyprus and Jordan, will contribute to additional develop financial relations and improve co-operation in tax issues between the 2 nations, the Finance Ministry has stated in a press launch.
The Treaty, the press launch says, was signed by the Minister of Finance Constantinos Petrides on behalf of the Republic of Cyprus and by the Jordanian Deputy Prime Minister and Minister of Overseas Affairs and Expatriates, Ayman Al Safadi on behalf of the Hashemite Kingdom of Jordan.
“The Settlement reached between the 2 nations will contribute to additional develop our financial relations and improve co-operation in tax issues between the Republic of Cyprus and the Hashemite Kingdom of Jordan,” the Ministry notes within the press launch.
“It additionally supplies tax certainty and safety to firms, organisations and people on the fiscal remedy of their revenue and capital positive aspects,” it provides.
The Settlement relies on the OECD Mannequin Conference for the Elimination of Double Taxation on Revenue and on Capital and the UN Mannequin Tax Settlement and incorporates all of the minimal requirements of the Base Erosion Revenue Shifting (BEPS) mission, as issued by the OECD /G20.
“Increasing and upgrading the community of the Double Taxation Conventions, by signing one other one essential conference, is of excessive financial and political significance of the Authorities and goals to additional strengthen and promote Cyprus as a world enterprise centre,” the press launch concludes.