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The Cyprus government has announced the signature of a new
double taxation agreement with Norway.
Double taxation avoidance between Cyprus and Norway is currently
regulated by the 1951 double tax agreement between Norway and the
United Kingdom, which was extended in 1955 to include several
British colonies, including Cyprus. On becoming independent, most
of the newly independent countries negotiated new arrangements, but
Cyprus has not done so until now.
The new agreement is based on the OECD Model and provides for
the exchange of information in accordance with the relevant
articles of the Model. It will take effect once it has been
ratified by both countries.
The Cyprus government attaches great importance to maintaining,
updating and expanding Cyprus's network of double tax treaties
in order to attract foreign investment and promote Cyprus as an
international business centre, and has expressed confidence that
the new agreement will contribute to the further development of
trade and economic relations between Cyprus and Norway.
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