On the 3rd of January 2018, Cyprus and Saudi Arabia signed the Double Tax Treaty for the avoidance of double taxation, which will come into force on the 1st of January 2019.
“The convention is based on the OECD Model Convention for the avoidance of Double Taxation on income and on capital and it includes the exchange of financial and other information in accordance with the relevant Article of the Model Convention.”
As the Government spokesman Nicos Christodoulides has commented, “the visit (first official since 1960) is the beginning of a new era in our relations with Saudi Arabia” and generally the Gulf Countries. This is stressed by the fact that not only the Double Tax Convention was signed but also several other important bilateral agreements mainly concerning political consultation between the foreign ministries and generally grounds of common interest such as energy.
Source: Cyprus mail