A recent addition to Cyprus’ network of double tax treaties is the enforcement of the double tax treaty with Iceland, signed on 13 November 2014, and in force as of 22 December 2014.
The provisions of this double tax treaty will apply to taxes withheld at source that are paid or credited on or after 1 January 2015 and for other taxes in respect of taxable years beginning after that date.
The agreement is based on the OECD Model Convention for the Avoidance of Double Taxation on Income.