The new Protocol to the Cyprus – South Africa double taxation agreement
The Republic of Cyprus and the Islamic Republic of Iran have signed an agreement in Nicosia on the avoidance of double taxation and fiscal evasion with respect to taxes on income, after negotiations spanning several years. The agreement was signed on 4 August 2015 by the Cyprus Minister of Finance and the Iranian Deputy Economy Minister and Head of the Islamic Republic of Iran’s Tax Organisation, who was on an official visit to Cyprus.
The signature of the agreement is the latest step in the Cyprus government’s programme of expanding Cyprus’s network of double taxation agreements, which currently covers more than 50 countries. The new agreement opens up new opportunities for trade and co-operation between the two countries following the lifting of international sanctions against Iran.
A preliminary agreement is already in place for co-operation in the field of energy, and a bilateral investment treaty between the two countries was signed in 2009.