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ARTICLE · 09 JUNE 2014

New Cyprus-UAE Double Tax Agreement Takes Effect

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The new double tax agreement between Cyprus and the United Arab Emirates took effect from January 1 2014.

CyprusWealth Management
Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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New agreement

The new double tax agreement between Cyprus and the United Arab Emirates took effect from January 1 2014. For the most part, the agreement reproduces the corresponding provisions of the latest Organisation for Economic Cooperation and Development (OECD) Model Tax Convention verbatim. The principal departures from the OECD model are as follows.

Scope of the agreement

The agreement applies to persons who are residents of one or both contracting states and to taxes on income imposed on behalf of a contracting state or of its political subdivisions or local authorities. In the case of the United Arab Emirates, the taxes covered are income tax and corporate tax.

In the case of Cyprus, the agreement covers income tax, corporate income tax, special contribution for defence (SDC) tax and capital gains tax.

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