Cyprus – Saudi Arabia: Treaty for the Avoidance of Double Taxation

The Ministry of Finance on the 18^th of February 2019 announced that the Double Taxation Treaty (DTT) signed between Cyprus and Saudi Arabia on the 3^rd of January 2018 will enter into force on the 1^st of March 2019. The DTT will apply with respect to taxes withheld at source and for tax years beginning on or after 1 January 2020 with regard to other taxes.

The provisions of this DTT and the relevant Protocol apply to:

• Amounts credited or paid on or after the 1^st of January 2020 with regard to taxes withheld at source;
• Taxes, or amounts of any other tax year, commencing on or after the 1^st of January 2020.

For more details about the DTT and Protocol you may click here.