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Council of Ministers of Cyprus authorises signing of the OECD Multilateral Convention

The Ministry of Finance of Cyprus (the ‘Ministry’) issued a press release on 5 April 2017, informing that the Council of Ministers of the Republic of Cyprus approved the signing of the OECD Multilateral Convention and the explanatory notes (Explanatory Statement). The signing ceremony is scheduled to take place in Paris on 7 June 2017.

The Ministry noted that the ratification of the Multilateral Agreement will pave the way for updating all existing Double Tax Agreements by incorporating the two minimum standards of Action 6 (Treaty Abuse) and the minimum standard of Action 14 (Making Dispute Resolution Mechanisms More Effective) of BEPS project in the context of safeguarding and orderly application of the existing Double Tax Agreements.