CYPRUS-NORWAY SIGN NEW DOUBLE TAX TREATY IN THE WAKE OF NORWAY’S OECD SURVEY

In the end of February 2014, Cyprus and Norway signed a double tax treaty between the two governments.

The treaty signed between the two countries is a step to the further development of trade and economic relations between the two countries.

The Cypriot government aims at expanding the existing network of double tax treaties, so as to attract foreign investment on the island as well as to promote it as an international business and financial hub.

The signed agreement is based on the OECD Convention Model for the Avoidance of Double Taxation on Income and on Capital, providing for the Article 26 exchange of information according to the respective articles of this model.

The signing of the said treaty comes in the wake of an updated survey on Norway by OECD, which concludes that the economy of the petroleum-producing country is performing well; unemployment is low with a strong social mobility. The survey also addresses the challenges that lie ahead for Norway out of high household indebtedness at floating interest rates.

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