Cyprus and Germany have signed a new double tax agreement, replacing the existing 1974 agreement. The new agreement takes account of economic developments and the growing commercial and financial relations between Cyprus and Germany and complies with the latest international standards developed by the OECD.
Negotiations on the new agreement began in 2005 and both the Finance Minister of Cyprus and the German Ambassador, who signed it on behalf of their respective countries, expressed confidence that it will enhance economic and commercial relations between Cyprus and Germany.
The Finance Minister added that the Cyprus government is committed to continue efforts to maintain and further strengthen its position as an international financial centre. Agreements for the avoidance of double taxation are an important factor in this.