Cyprus and Saudi Arabia signed a Convention for the avoidance of double taxation with respect to taxes on income and for the prevention of tax evasion.

The Convention was signed during the official visit of the President of Cyprus Mr. Nicos Anastasiades to Saudi Arabia. An official press release said that the treaty was signed by Ioannis Kasoulides, Minister of Foreign Affairs of Cyprus and Mohammad Abdullah Al-Jadaan, Minister of Finance of Saudi Arabia.

“The Convention will contribute to further develop the economic relationship and to enhance the co-operation in tax matters between the two states,” the press release read.

It added that “the Convention is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital and it includes the exchange of financial and other information in accordance with the relevant Article of the Model Convention”.

Furthermore, it noted that “upgrading and expanding the network of Double Taxation Conventions is of high economic and political importance and aims to further strengthen Cyprus as an international business center”.

Cyprus has signed Double Taxation Avoidance Agreements with 63 countries by now and is in negotiations with several other countries.