Nicosia have announced updates to its double taxation treaty (DTT) with San Marino regarding income tax agreements, the finance ministry reported.
Everything is ready for both countries, and the new protocol has been ratified and is in place, replacing Article 25 of the Exchange of Information Intelligence, which was implemented into national law on the 27th of June earlier this year amending the Convention on the Avoidance of Double Taxation.
Since originally signing the agreement in May 2017, the Cyprus Minister of Foreign Affairs together with Sammarinese officials have been working to establish the treaty. The offices of both Cyprus & San Marino stated hopes for further bilateral relations developing trade, strengthened economic ties and establishing a sound legal structure for furthering their diplomatic relations.
DTTs often increase trade and travel between the relevant jurisdictions so the updated protocol news is a positive note for both countries.