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.
A protocol amending the current double tax convention between the Republic of Cyprus and the Federal Republic of Germany was signed on 19 February 2021 in Nicosia, Cyprus.
A protocol amending the current double tax convention between
the Republic of Cyprus and the Federal Republic of Germany was
signed on 19 February 2021 in Nicosia, Cyprus. The protocol relates
to the avoidance of double taxation in respect of taxes on income
and on capital.
The double tax convention with the German Federation is not
covered by the Multilateral Convention, meaning that the Base
Erosion and Profit Shifting (BEPS) actions were not automatically
included in the original convention. Therefore, the purpose
of the signed protocol is to introduce, amongst other things, the
minimum standards of the BEPS actions of the Organization for
Economic Co-operation and Development relating to bilateral
agreements and, other amendments that have been bilaterally agreed
upon.
The main changes to the convention include the incorporation of
specific wording in the preamble, amendments to the entitlement to
benefit article and, the insertion of specific wording under
business profits.
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.
