Luxembourg and Cyprus finally sign Double Taxation Treaty
Luxembourg’s Ministry of Finance announced last week that Luxembourg and Cyprus have signed a tax treaty together. The agreement was signed in Nicosia by the Finance Ministers of both countries: Mr Pierre Gramegna from Luxembourg and Mr Harris Georgiades of Cyprus.
Cyprus is the only remaining EU member state that does not have a fully in-force tax treaty with Luxembourg. Mr Georgiades stated: “I am pleased that the text incorporates the latest international standards for exchange and is already fully taking into account the OECD’s BEPS work, therefore providing predictability and legal certainty.”
Both Ministers expressed their delight that the treaty had been established, as negotiations for a tax treaty with Cyprus have been ongoing for over a decade now, since 2007. “It was therefore necessary to speed things up and finally come to a conclusion.” Mr Gramegna said.
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