The OECD announced that Cyprus deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 23 January 2020. Cyprus also submitted its MLI positions and a list of 59 tax treaties which Cyprus entered into with other jurisdictions that it wishes to designate as Covered Tax Agreements (CTAs).
The MLI will enter into force with respect to specific tax treaties after the respective treaty country (Contracting Jurisdiction) has deposited its instrument of ratification, acceptance or approval of the MLI and a specified time has passed. In the case of Cyprus, the MLI will enter into force on 1 May 2020.
