The Council of Ministers has approved the creation of a Fast Track Business Activation Mechanism for setting up a company in Cyprus by third-country nationals to attract more foreign investment to the island.
Cyprus and Russia have just agreed on an amendment of the double taxation agreement between the two countries. The Russian government assured the withdrawal of the termination procedures of the Convention.
On 29.06.2016 the negotiation on the Double Taxation Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income between Cyprus and India has been effectively completed.
A DTT between Cyprus and Luxembourg was signed on 8.5.2017. The DTT will come into effect from 01.01 of the year following the year in which all legal formalities to bring the treaty into force are finalised.
On 24/05/2016 the Republic of Cyprus entered for the first time into a Double Tax Treaty (DTT) with the Republic of Latvia. This is the 60th Double Tax Treaty entered into by Cyprus. The DTT was formally approved by Cyprus on 03/06/2016 and was signed by the relevant Ministers of each country.
The Agreement for the Avoidance of Double Taxation between Cyprus and Lithuania was signed on the 21st of June 2013 and, after the exchange of the relevant notifications, the Agreement was entered into force on the 17th of April 2014.
The new double tax treaty between Cyprus and Spain that was signed on February the 14th, 2013 enters into force on 1st of January 2015.
The new treaty was expected originally to come into force on the 1st of January 2014 however since there was no official exchange of the ratified documents between the Governments of Spain and Cyprus, this was postponed.