On April 12, 2017 the Cypriot Government issued a notification of the Republic’s intention to sign the ‘Multilateral Convention to Implement Tax Treaty related measures to Prevent Base Erosion and Profit Shifting’ (Multilateral Instrument).

 

In the notification issued by the Cypriot Government it is amongst others stated that on April 5, 2017 the Cypriot Council of Ministers approved the signing of the 'Multilateral Instrument', which is scheduled to take place in Paris on June 7, 2017. In the notification the Cypriot Government furthermore states that the ratification of the Multilateral Agreement will pave the way for updating all existing Double Tax Agreements by incorporating the two minimum standards of Action 6 (Treaty Abuse) and the minimum standard of Action 14 (Making Dispute Resolution Mechanisms More Effective) of BEPS project in the context of safeguarding and orderly application of the existing Double Tax Agreements.

 

 

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