Calmco Ltd

The agreement for avoidance of double taxation concluded between Cyprus and Saudi Arabia in January 2018 came into effect on 1 March 2019.

As announced by the Tax Department of the Cyprus Ministry of Finance, the provisions of the agreement and of the related protocol apply with regard to:

• Taxes withheld at the source, in amounts paid or credited on or after 1 January 2020, and
• Other taxes, in amounts of any taxation year beginning on or after 1 January 2020.

The text of the agreement and the protocol can be found on the website of the Tax Department at www.mof.gov.cy/tax