Iran signed avoidance of double taxation treaty with Cyprus.

Cyprus and Iran opened doors to new investment opportunities and trade markets as they signed an avoidance of double taxation treaty this week.

It is of high economic and political importance to Cyprus to further expand and improve the network of double taxation agreements so to support and attract foreign investment.

Ali Askari, Iran's Tax Affairs Organisation Director, believes that this agreement will further develop collaboration between the two countries in the financial and business sector. Askari mentioned that Iran could act a bridge between Cyprus and East Asia.

The avoidance of double taxation treaty with Iran opens up new horizons for Cypriot companies in the emerging market of Iran. One of the prominent cooperation direction might be maritime services, as Iran has the largest tanker fleet in the world and the Cyprus flag could benefit from this fleet.

Source: Cyprus Mail

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