On 5th March 2018 the Official Gazette of the Republic of Cyprus published the Treaty that was signed between the Cyprus Government and the Government of the Kingdom of Saudi Arabia, on the avoidance of double taxation and the prevention of tax evasion with regard to taxes on income.

This Treaty was signed between the two Contracting States on 3rd January 2018 and applies to persons who are resident in either or both of the Contracting States.

The Treaty covers Income Tax, Corporate Tax, the Special Contribution for Defence of the Republic tax and the Capital Gains Tax in relation to the Cypriot taxes, and in relation to the taxes of Saudi Arabia that cover the Zakat tax and income tax including the natural gas investment tax.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.