The agreement for the avoidance of double-taxation with respect to taxes on income was signed recently between the Republic of Cyprus and the Government of the Kingdom of Bahrain. The agreement is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital.

According to the text agreed, the foresaid agreement will contribute to the further development of commercial and economic relations between the Republic of Cyprus and the government of the Kingdom of Bahrain as well as with other countries.

As noted, the update, maintenance and expansion of the existing network of double-tax avoidance agreements, which are of great economic and political importance, further aim to enhance and attract foreign investment and to promote Cyprus as an international business center.