Procedures required by the legislation of each country for the entry into force of the above Treaty, signed on 8th October 2019, and – after the exchange of relevant notifications – entered into force on 31st July 2020, have been completed.
The provisions of the Treaty apply:
(i) with respect to withholding taxes, on income accruing on or after 1st January 2021;
(ii) in respect of other taxes, in amounts of any fiscal year beginning on or after 1st January 2021.
Former Treaty between Cyprus and Egypt that was signed on 18 December 1993 has ended on 31st July 2020, when the new Treaty entered into force.
The Treaty details and the relevant Protocol can be found on the website of the Cyprus Tax Department.
For more information on Double Tax Treaties, please contact us via email at email@example.com