Cyprus and Australia on taxation deal

The Cypriot Finance Ministry has expressed satisfaction with the positive reaction of Australian authorities to initiate bilateral negotiations for the conclusion of the “Convention for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance.”

The intention of the Australian authorities, which was announced on Wednesday by Assistant Minister for Competition, Charities and Treasury Andrew Leigh, is the result of the longstanding efforts on the part of Cyprus authorities to initiate such negotiations, the ministry said in a press release, adding that negotiations are scheduled to begin within 2024.

“Undoubtedly, the diplomatic and economic ties between Cyprus and Australia have been strengthened during recent years, given the establishment of the Australian Embassy in Nicosia,” the ministry said, adding that “in light of the recent momentum, we are of the view that there is scope for further strengthening the cooperation between the two states in areas such as trade, shipping, energy and investment, for the mutual benefit of both sides.”

Extending the existing network of 67 bilateral double taxation conventions is a priority for Nicosia.