The Cyprus government has signed a new double taxation agreement (DTA) with Norway.

The agreement was signed between Harris Georgiades, finance minister of Cyprus and Norwegian ambassador to Cyprus Sjur Larsen.

The double taxation agreement deals with avoidance of double taxation and the prevention of tax evasion, regarding income taxes, as well as a relevant protocol.

According to Georgiades, the agreement is expected further expand trade and economic ties with major economies including Norway.

Additionally, the DTA will attract and enhance foreign investment and promote Cyprus as an international business centre.

Based on the OECD Model Convention for the avoidance of double taxation on income and on capital, the agreement will provide for the exchange of information in accordance with the related articles of the Model.

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By GlobalData

The agreement will come into effect once it has been approved by both countries.

The Double taxation avoidance between Cyprus and Norway is currently regulated by the 1951 double tax agreement between Norway and the United Kingdom, which was extended in 1955 to include other British colonies, including Cyprus.