According to an update by the Cypriot Ministry of Finance, the income tax treaty between Cyprus and Iceland entered into force on 22 December 2014. The treaty, signed 13 November 2014, is the first of its kind between the two countries.
The treaty Covers Cypriot income tax, corporate income tax, the special contribution for the Defense of the Republic, and capital gains tax. It covers Icelandic state and municipal income taxes.
Both countries apply the credit method for the elimination of double taxation.
The treaty applies from 1 January 2015.
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