New Cyprus and Poland Double Taxation Agreement

and Poland signed on 22 March 2012 a protocol amending the Double Taxation Agreement between the two countries.

The agreement was signed between Cypriot Minister of Finance, Kikis Kazamias and the Ambassador of the Republic of Poland in Nicosia, Pawel Dobrowolski.

The agreement maintains the existing regime for Polish workers on Cypriot ships, approximately 9000 people, who are not taxed.

The Protocol reduces the withholding tax rates in respect of dividends from 10% to 5% or 0% and in respect of interest, from 10% to 5%.

The Agreement has also been extended to encompass a tax information exchange clause based on the provisions of article 26 of the OECD Model Tax Convention..

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