Cyprus and Iran have concluded a Double Taxation Treaty agreement, allowing for the avoidance of double taxation and fiscal evasion in relation to taxes on income between the two countries.
The Finance Ministry affirmed on Tuesday that this development will contribute to the development of trade and economic relations between the Republic of Cyprus and the Islamic Republic of Iran, as well as with other countries.
Following the signing, Minister of Finance Harris Georgiades stated “It is with great pleasure that we signed this very important agreement which will pave the way for the expansion of business and investment opportunities between Iran and Cyprus,”
He went on to say that the time was right for such a strategic agreement between the states, following the historic Iranian nuclear agreement several weeks ago, which has created the appropriate conditions upon which to build trust between Iran and the international community.
Georgiades continued by saying that “Cyprus, through its EU membership is offering its full support to this agreement and is ready to be part of this new beginning. In fact, Cyprus, being a credible international business centre, is well-suited to act as a bridge between Iran and the European and global markets,”
Iranian deputy Finance Minister Dr. Ali Asgari also expressed his approval of this agreement being Iran’s 48th DTT, and Cyprus’ 58th.
Speaking through an interpreter, Dr. Asgari mentioned that this agreement established a platform through which relations between the countries may be developed, to the mutual benefit of both.
The position held is that the expansion and upgrade of the island’s network of Double Taxation Agreements is of high economic and political importance, and aims to attract foreign investment as well as further strengthen existing investment so as to elevate Cyprus’ position as an international business centre (IBC).