On 11 December 2023, the Convention for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance, and its Protocol between the Republic of Cyprus and the French Republic, was signed in Nicosia.
The Convention, on behalf of the Republic of Cyprus, was signed by the Minister of Finance Mr. Makis Keravno and on behalf of the French Republic by Mrs. Salina Grenet-Catalano, Ambassador of France to the Republic of Cyprus.
The signed Convention updates the existing one which was signed back in December 1981, reflecting the latest international tax developments. The new Convention will contribute to the further enhancement of trade and economic ties between the two countries, safeguarding fairness and equitability.
It also provides tax certainty and security to companies, organizations, and individuals on the fiscal treatment of their income and capital gains to existing and new investors. The Convention is based on the OECD Model Tax Convention on Income (2017 Model) and incorporates all the minimum standards of the Base Erosion Profit Shifting (BEPS) project, as issued by the OECD /G20.
Expanding and upgrading the network of the Double Taxation Convention, by signing another one important convention, is of high economic and political importance to the Government and aims to further strengthen and promote Cyprus as an international business center.
