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Cyprus is continuing to develop its network of Double Taxation Treaties through the signing of a new DTT with the Federal Democratic Republic of Ethiopia, on 30 December 2015. Taxand Cyprus provides an up to date overview of this matter.
The treaty is based on the OECD Model Convention for the avoidance of Double Taxation on income and on capital, and it was published with the official Cyprus Government Gazette on 18 January 2016.
The signing of this agreement also verifies the Cypriot Government’s efforts to strengthen trade and financial ties with the African continent, as another four DTTs are in force with African countries, these being South Africa, Mauritius, Seychelles and Egypt.
Discover more: Ethiopia double tax treaty
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Under-Saharan countries are indeed a magnet for new investment, being developing economies of unexplored potential.