On 2 January 2018 the president of the Republic of Cyprus Mr NicosAnastasiades accompanied by official government delegation visited the Kingdom of Saudi Arabia. During the visit Mr. IoannisKasoulides, Minister of Foreign Affairs of the Republic of Cyprus and Mr. Mohammad Abdullah Al-Jadaan, Minister of Finance OF Saudi Arabia, signed the Convention for the avoidance of double taxation with respect to taxes on income and for the prevention of tax evasion between the Republic of Cyprus and the Kingdom of Saudi Arabia.
The agreement is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital and it includes the exchange of financial and other information in accordance with the relevant Article of the Model Convention.
In addition the ministers of transport of the two countries, Mr MariosDemetriades and Mr Nabeel bin Mohammed Alamudi discussed and agreed to promote a merchant shipping agreement.
The official visit and the signing of the treaty is expected to boost the economic bond and the cooperation of the two countries. Also the expansion of the signed DTT of Cyprus is of great importance from economic and political perspective.