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Qatar and Cyprus Sign Multiple Agreements,
by Lorys Charalambous, Tax-News.com, Cyprus
Monday, November 17, 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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