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Cyprus, Saudi Arabia sign tax treaty

Cyprus, Saudi Arabia sign tax treaty

RIYADH: The governments of Cyprus and Saudi Arabia signed a tax treaty on January 3, Cyprus’s Ministry of Finance has reported. The new tax pact is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital, the ministry said.

The ministry also reported that that new agreement includes provisions on exchange of financial and other information for tax purposes.

The treaty, which is not yet in force, was signed in in Riyadh.