Cyprus and Kyrgyzstan signed a convention in Bishkek on Monday for the elimination of double taxation on income and capital, as well as the prevention of tax evasion and avoidance.
The agreement was signed on behalf of the Republic of Cyprus by Foreign Minister Constantinos Kombos. Kyrgyzstan was represented by its Minister of Economy and Commerce, Bakyt Sydykov.
According to the Ministry of Finance, the signing marks an important step towards further strengthening bilateral economic, trade and investment relations between Cyprus and Kyrgyzstan.
The ministry said the convention enhances the institutional framework for cooperation between the two countries in the field of taxation, reducing administrative and tax burdens without creating opportunities for tax evasion or avoidance.
The agreement is intended to provide clear tax treatment for transactions between the two states, offering certainty and stability to taxpayers and investors. It also provides for the exchange of tax information between the competent authorities and regulates the procedure for resolving tax disputes.
The ministry said the expansion, maintenance and updating of Cyprus’ network of double taxation agreements remains of major economic and political importance for the government, particularly with partners such as Kyrgyzstan, as it is expected to further support the promotion of Cyprus as an international business centre.
