Tax Treaty Enters Into Force
The double tax treaty that was signed in the end of February 2014 between Cyprus and Norway entered into force on 8 July 2014. The agreement is a step to the further development of the financial and economic relations between the countries.
The treaty follows the OECD Model Convention and will come to effect from 1 January 2015. According to the agreements of the treaty, the following withholding taxes will apply:
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Dividends:
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0% if the beneficial owner is a company (other than a partnership) which holds directly at least 10% of the capital of the company paying the dividends.
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5% in all other cases.
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Interest: 0%.
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Royalties: 10%.
Source: Offtax 2014, posted on 23.09.2014. Please click here to access the original article.
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