ARTICLE
9 February 2022

Protocol Amending The Double Tax Convention Between The Republic Of Cyprus And The Swiss Confederation

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Elias Neocleous & Co LLC

Contributor

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 protocol amending the double tax convention between the Republic of Cyprus and the Swiss Confederation which was signed on 20 July 2020 in Nicosia, Cyprus came into effect on 3 November 2021.
Cyprus Tax

The protocol amending the double tax convention between the Republic of Cyprus and the Swiss Confederation which was signed on 20 July 2020 in Nicosia, Cyprus came into effect on 3 November 2021 (please see  Circular 3/2022). The protocol relates to the avoidance of double taxation in respect of taxes on income and on capital.

The protocol introduces, among other things, the mandatory minimum standards of the Organisation for Economic Cooperation and Development's (OECD's) Base Erosion and Profit Shifting (BEPS) actions regarding arrangements on bilateral conventions and verbal amendments agreed bilaterally. The agreement is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital. The amendments made to the DTT focus on business profits, associated enterprises, mutual agreement procedures and benefit entitlement. 

For more information, please speak with our dedicated Tax Planning and Advanced Business Structuring team or with your usual contact at Elias Neocleous & Co LLC.

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.

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