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THE PRACTICE
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2415 Engomi, Nicosia, Cyprus

Tel: +357 22021600
Fax: +357 22660255

Email: info@thepractice.cy.net
 

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Cyprus has agreements with many countries around the world in treaties to mitigate the effects of double tax treaties. These may cover income taxes, inheritance taxes, value added taxes, as well as other taxes.

Besides bilateral treaties, also multilateral countries are in place: Countries of the European Union (EU) have also entered into a multilateral agreement with respect to value added taxes under auspices of the EU, while a joint treaty of the Council of Europe and the OECD exists open to all nations. Tax treaties tend to reduce taxes of one treaty country for residents of the other treaty country in order to reduce double taxation of the same income.