ARTICLE
6 August 2015

New Double Taxation Agreement Between Cyprus And Iran

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Elias Neocleous & Co LLC

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Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
The Republic of Cyprus and the Islamic Republic of Iran have signed an agreement in Nicosia on the avoidance of double taxation and fiscal evasion with respect to taxes on income, after negotiations spanning several years.
Cyprus Wealth Management

The Republic of Cyprus and the Islamic Republic of Iran have signed an agreement in Nicosia on the avoidance of double taxation and fiscal evasion with respect to taxes on income, after negotiations spanning several years. The agreement was signed on 4 August 2015 by the Cyprus Minister of Finance and the Iranian Deputy Economy Minister and Head of the Islamic Republic of Iran's Tax Organisation, who was on an official visit to Cyprus.

The signature of the agreement is the latest step in the Cyprus government's programme of expanding Cyprus's network of double taxation agreements, which currently covers more than 50 countries.  The new agreement opens up new opportunities for trade and co-operation between the two countries following the lifting of international sanctions against Iran.

A preliminary agreement is already in place for co-operation in the field of energy, and a bilateral investment treaty between the two countries was signed in 2009.

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