Wednesday, September 2, 2009
The German Ministry of Finance announced on September 1 that it had initialled the text of a revised double taxation agreement with Cyprus to allow for the exchange of information on tax matters between the two countries’ tax authorities, in accordance with Article 26 of the OECD model convention.
In a statement published this week, the Ministry revealed that it had initialled the agreement with Cypriot authorities on July 24, 2009.
Upon entry into force, the agreement will allow the respective countries' tax authorities to request information pertaining to tax crimes, and in civil tax matters. The Ministry’s statement recognized Cyprus’ commitment to implementing the internationally-agreed standard.
The agreement will enter into force when both countries have signed and concluded their individual ratification procedures.