The Ministry of Finance on the 18th of February 2019 announced that the Double Taxation Treaty (DTT) signed between Cyprus and Saudi Arabia on the 3rd of January 2018 will enter into force on the 1st 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 1st of January 2020 with regard to taxes withheld at source;
- Taxes, or amounts of any other tax year, commencing on or after the 1st of January 2020.
For more details about the DTT and Protocol you may click here.