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Cyprus And Lebanon Sign Double Taxation Agreement

by Lorys Charalambous, Tax-News.com, Cyprus

24 February 2003

The Cypriot government revealed last week that an agreement for the avoidance of double taxation has been signed with Lebanon.

According to a government statement, the agreement was signed in Beirut by Cyprus' Finance Minister, Takis Klerides, and his Lebanese counterpart, Fuad Siniora, and is designed to prevent both double taxation and fiscal evasion with regard to taxes on income and capital.

'The agreement is particularly significant for the promotion of investments and the strengthening of economic cooperation between the two countries, especially after the important decision of Copenhagen and the role which Cyprus can play as the Eastern frontier of the European Union,' the Cypriot government announced last week.

Cyprus already has more than 35 double tax treaties, including treaties with most of the other nine countries due to join the EU next year.

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