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Cyprus and Iran sign agreement to avoid double taxation

Cyprus and Iran signed on Tuesday an agreement on the Avoidance of Double Taxation, paving the way for the expansion of business and investment opportunities between the two countries, three weeks after world powers reached a deal on Iran`s nuclear activity to gradually lift international sanctions.

The Agreement on the Avoidance of Double Taxation and Fiscal Evasion with respect to taxes on income was signed in Nicosia in the presence of Deputy Finance Minister of Iran Αli Askari.

According to a written statement by the Cypriot Ministry of Finance, the text of the treaty has been agreed between the negotiating teams of the two countries and will contribute to develop trade and economic links between the Republic of Cyprus and the Islamic Republic of Iran, as well as with other countries.

The Ministry stresses that expanding and upgrading the network of Double Taxation Agreements is of high economic and political importance and aims to further strengthen and attract foreign investment and elevates the importance of Cyprus as an international business center.