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Cyprus and Luxembourg have signed a double tax avoidance and prevention of tax evasion treaty, based on the model convention of the Organisation for Economic Cooperation and Development, the finance ministry said.

Finance minister Harris Georgiades and his Luxembourgian peer Pierre Gramegna signed the agreement, which aims at helping the two EU members strengthen bilateral ties, the ministry said in a statement.

Luxembourg was one of the few countries with which Cyprus had no double taxation agreement in place.