Qatar and Cyprus Sign Multiple Agreements

by Lorys Charalambous, Tax-News.com, Cyprus

17 November 2008

The Qatari Prime Minister Sheikh Hamad bin Jassim al Thani visited Nicosia earlier this month to ratify several bilateral agreements and Memoranda of Understanding between Qatar and Cyprus, including an agreement on the avoidance of double taxation.

Seven agreements in all were ratified on November 11, including agreements for the avoidance of double taxation, tax evasion, economic and technical cooperation and the promotion and protection of international investment. Memoranda of Understanding were also signed to intensify cooperation between both countries' tourism, health and immovable property sectors. An additional Memorandum of Understanding was also signed between the central banks of Cyprus and Qatar for cooperation in the monitoring of money lending organisations.

The agreements were ratified by Prime Minister Al Thani, who also acts as Minister of Foreign Affairs, as part of a two day official visit to the Cypriot capital Nicosia. The Cypriot government was represented by President Demetris Christofias.

The Cypriot government is seeking to expand its network of double taxation agreements and is in negotiations with 39 countries for new and updated tax treaties. Of these, the final agreement stage has been reached with the Czech Republic, Iran, India, Luxembourg, Moldova, Slovenia and Yugoslavia. Negotiations with Estonia, Latvia, Lithuania, Finland, Netherlands, Portugal and Spain are at advanced stages of negotiation.

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