06.30.06

Seychelles Double Taxation Agreement with Cyprus

Posted in Double Taxation Agreements at 12:52 pm by Robert Klien

An initial agreement on starting the negotiations about double tax was signed by the principal secretary of the Seychelles Department of Finance and by the Commissioner and Director of the Cypriot Inland Revenue.

In January, 2006, a delegation from Cyprus came to the Seychelles for the negotiations leading to a Double Taxation Avoidance Agreement between the Seychelles and Cyprus. The two governments have agreed to a new bilateral pact aiming at the prevention of the double taxation of income as well as boosting investment flows between the Seychelles and Cyprus. New investments are likely to originate initially from Cyprus, however it is quite possible that also investors in the Seychelles could capitalise on the agreement.

The agreement was signed on June 28, 2006 by the Seychelles’ Minister for Economic Planning and Employment and the Cypriot Minister for Finance.

Cyprus appeared to be also enthusiastic towards starting negotiations on a Bilateral Investment Promotion and Protection Agreement.

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